Bid rival Apax benefits from Altice sale of Portuguese assets

Bid rival Apax benefits from Altice sale of Portuguese assets

16 SEP 2015

Altice, the acquisitive cable-to-mobile group, offloaded two Portuguese firms, Cabovisao and ONI, a fallout from its previous acquisition of the domestic assets of Portugal Telecom, the country’s incumbent.

No price was disclosed, although the amount is not likely to be substantial. Altice originally acquired cable operator Cabovisao in 2012 for €45 million, and Oni, a fixed operator in the enterprise market, for €83 million, in 2013.

Altice sold both firms to Apax France, the private equity group. Apax was one of two private equity groups that were bidding against Altice when it acquired Portugal Telecom’s domestic assets from seller Oi. The other private equity bidder was Bain. However, Oi decided to enter into exclusive negotiations with Altice, nixing the rival bids.

But now Apax has grabbed another chance to get into Portugal’s telecoms market.

Altice’s purchase of PT Portugal closed in June. The deal received European Commission approval in April of this year. PT Portugal is the country’s largest mobile and fixed businesses.

Altice put the two assets up for sale earlier this year.

The sale to Apax France will be subject to regulatory review by the European Commission and Portuguese authorities.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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