Bain, Apax bid for Portugal Telecom

The bid includes an earn-out payment of €400m, linked to future revenue generation, alongside a €400m payout for EBITDA generation.

It is a higher offer than that made by Altice, the investment firm that acquired Portuguese telecoms company Oni from Riverside last year.

Bain and Apax's acquisition would not include the firm's investments in Africa, the business's debt or its investments in Rio Forte Investments.

Portugal Telecom's board of directors is currently reviewing the terms of the bid, which is subject to the approval of Bain and Apax's investment committee and due diligence processes.

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• Topics
• Southern Europe
• Portugal
• Bain Capital