Altice enters exclusive negotiations with Oi for PT Portugal assets

1 Dec 2014

Brazilian telco Oi SA has confirmed that it has signed an exclusivity contract with Luxembourg-based telecoms firm Altice Group regarding the planned sale of the ‘PT Portugal Telecom SGPS’ (‘PT Portugal’) holding company. The resultant 90-day window will give the two parties an opportunity to negotiate the final terms of the sale, as well as achieving the corporate authorisations necessary to carry out the sale of PT Portugal.

Oi notes that Altice’s final bid for PT Portugal is EUR7.4 billion (USD9.2 billion), including a EUR500 million deferred payment related to the Portuguese business’ future performance; the European telco’s initial bid of EUR7.025 billion was raised after a rival offer from private equity firms Apax Partners and Bain Capital. Oi notes that the deal does not include the Africatel holding company, Timor Telecom or the debts attributed to Rio Forte Investments.

In related news, the Wall Street Journal reports that Altice has agreed on the broad terms of a partnership with Portuguese postal services provider CTT. The alliance, which will focus on the distribution of telecoms services and products and the development of new business ventures, is subject to Altice’s successful acquisition of PT Portugal.

TeleGeography notes that Altice already owns a pair of smaller Portuguese telcos, namely Cabovisao and Onitelecom. The acquisition of PT will effectively see Altice take its place alongside established major players Vodafone Portugal and Nos (formerly Zon Optimus).

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