Apax France acquires Cabovisão and Oni from Altice

The divestment of the assets was reportedly imposed on Altice by the European Commision as a condition of its acquisition of Portugal Telecom. Apax had joined Bain Capital in bidding for Portugal Telecom but lost out to Altice in the bidding process.

According to the Financial Times, Vodafone were among a number of strategic buyers that had been linked with both Cabovisão and Oni.

Apax invested via Apax France VIII, a 2008-vintage vehicle that held a final close on €700m in 2011.

The deal remains subject to regulatory approval.

Previous funding
Cabovisão has previously experienced a year under Apax's tenure, with the GP originally acquiring the business in March 2012 from Cogeco Cable. Altice then provided Apax with an exit route 12 months later.

Oni has also had a previous spell under private equity ownership. Altice acquired the business from the Riverside Company and Gestmin SGPS in June 2013.

Company
Founded in 1993 and headquartered in Palmela, near Lisbon, Cabovisão is a provider of television, fixed-line telephone and broadband services. The company has around 200,000 residential customers.

Oni, which was founded in 1998 and is headquartered in Lisbon, provides telecommunications and IT services to business customers.

People
Thomas de Villeneuve is a partner at Apax.

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• Apax France SA