Will Sonae have a rival in PT bid?

10 Mar 2006

A group of private equity firms is thought to be considering making a surprise takeover offer for Portugal Telecom. PT is currently the subject of a EUR11.1 billion hostile takeover bid from Portuguese utility group Sonae, whose telecoms arm Sonaecom already competes with PT in the fixed line and cellular markets. Reuters reports that the new offer is being mulled by a consortium including major equity firms Blackstone, Providence Equity, Cinven and Kohlberg Kravis Roberts & Co. The report cites sources close to the deal who claim that representatives of the firms are currently in Portugal seeking local partners to back their buyout. The same equity firms were behind a USD14.1 billion takeover of Danish operator TDC last year.

Portugal, Optimus (Clix)