je.st
news
Apax, Bain launch rival bid for PT Portugal
2014-11-12 09:36:00| Telecompaper Headlines
(Telecompaper) The private equity funds Apax Partners and Bain Capital have launched a bid for the Portuguese assets of Brazilian operator Oi worth EUR 7.075 billion, excluding cash and debt. Similar to the earlier offer from Altice for PT Portugal, the offer includes earn-out payments of EUR 400 million based on future revenue and EUR 400 million related to EBITDA generation. The acquisition covers the Portugal Telecom activities in Portugal alone, and excludes its holdings in Africa or the outstanding debt owed by the Group Espirito Santo subsidiary Rio Forte. Oi said it's board would consider the offer but did not comment further. The funds' offer is EUR 50 million more than that made by Altice. A rival offer from a company controlled by Angolan businesswomen Isabel dos Santos has also made an offer for Portugal Telecom itself, which Oi rejected. Dos Santos is also a major sharehodler in Nos, Portugal Telecom's main rival in the Portuguese market.
Tags: portugal
bid
launch
rival
Category:Telecommunications