
Bain and Apax miss out in Portugal Telecom race
Listed trade buyer Altice has entered into an exclusivity agreement to acquire Portugal Telecom, beating rival interest from Apax and Bain Capital.
The GPs made a €7.08bn joint bid for the listed business in November, in an offer including an earn-out payment of €400m linked to future revenue generation alongside a €400m payout for EBITDA generation.
Altice's offer gives Portugal Telecom, which is controlled by Brazilian telecommunications company Oi, an enterprise value of €7.4bn on a cash and debt-free basis. It also includes a €500m consideration linked to future revenue generation.
Before being outbid by Bain and Apax, the Luxembourg-based media and telecommunications group had originally made an offer of slightly more than €7bn for the business.
Altice has been bulking up its portfolio in recent years. Earlier in 2014 it acquired Cinven and Carlyle's shares in French cable operator Numericable, taking its total stake in the business to more than 70%.
The latest deal marks the group's further consolidation of the Portuguese market, having bought The Riverside Company's 60.9% stake and Gestmin SGPS's 34.6% stake in Oni Telecom last year. It also acquired Apax France's stakes in Portuguese cable operator Cabovisao in March 2013.
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