French-backed, Luxembourg-based private equity fund Altice Group has agreed to buy a 95.5% stake in Portugal’s Oni Communications (Onitelecom), Bloomberg reports. According to the news agency, on 31 May Altice agreed to buy the Riverside Company’s 60.9% stake in Onitelecom in tandem with Gestmin’s 34.6% holding in the Lisbon-based company. Onitelecom CEO Pedro Morais Leitao told Bloomberg that the combined value of the deal, which is subject to approval from the Portuguese competition authority, is based on an enterprise value of EUR83 million (USD108.1 million). The deal represents Altice’s second Portuguese acquisition in recent memory; in February 2012 it paid Canada’s Cogeco Cable EUR45 million for Cabovisao.
According to TeleGeography’s GlobalComms Database, Altice Group is a telecoms investment group founded by Frenchman Patrick Drahi, which specialises in the acquisition of cablecos. It currently holds telecoms interests in France, Belgium, Luxembourg, Guadeloupe and Martinique (all branded Numericable), Portugal (Cabovisao), Israel (HOT Telecommunications Systems) and Switzerland.