Riverside sells Oni to Altice

The sale has given Oni an enterprise value of €83m. Alongside the acquisition of Riverside's stake, Altice has also taken the 34.6% stake held by family office Gestmin SGPS.

Riverside originally acquired Oni in February 2007 through a €160m leveraged buyout, in which Gestmin both invested and provided mezzanine funding. The deal was also leveraged via the roll-over of existing debt, according to unquote" data.

Riverside acquired its stake in Oni via its Riverside Europe Fund III vehicle, which closed in June 2007 on its €315m hard-cap.

Company
Oni was founded in 2000 and is headquartered in Lisbon, with additional offices in Funchal, Madeira and São Miguel in the Azores.

The telecommunications group acts as a communications operator and technology integration company through its three branches: Oni Telecom, Hubgrade and Newon. Oni provides fibre optics covering a 35,000km range in Portugal as well as voice, data, internet and video services.

The company's last released financial figures show aggregate turnover of €114.6m for the year ending in June 2011, with an EBITDA of €21.6m. Oni employs approximately 300 staff.

People
Pedro Morais Leitao is Oni's CEO. Stewart Kohl and Béla Szigethy are the co-CEOs of Riverside. Antonio Cabral, a managing partner at the GP's Brussels office, sits on Oni's board of directors.

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