Following suggestions that Luxembourg-based Altice Group intends to divest its Portuguese cable unit Cabovisao in an effort to push through its EUR7.4 billion (USD9.2 billion) acquisition of domestic incumbent PT Portugal Telecom SGPS (PT Portugal), it has now been suggested that Altice is also willing to cede control of corporate telecoms unit Oni Communications (Onitelecom). Portuguese business daily Economico reports that the idea was floated by Altice CEO Dexter Goei at a meeting with telecoms trade union SINDETELCO late last week.
It has been widely suggested that the sale of Cabovisao will be one of the remedies required by Portugal’s competition regulator following the sale of PT Portugal to Altice, and it now appears that the Luxembourg-based group is also willing to cash in on its majority stake in Onitelecom to assuage competition-related concerns.
According to TeleGeography’s GlobalComms Database, on 31 May 2013 Altice agreed to buy a 95.5% stake in Onitelecom for EUR83 million (USD108.1 million). The two-pronged deal saw Altice agree to buy The Riverside Company’s 60.9% stake in tandem with Gestmin’s 34.6% holding in the Lisbon-based company.