Equity firms named in rival Portugal Telecom bid

30 May 2006

International private equity houses Blackstone, Cinven, Kohlberg Kravis Roberts, Permira and Providence Equity have been named in the financial press as the members of a consortium bidding for Portugal Telecom (PT). The naming of the consortium could bring closer a possible bidding war with Sonae, the Portuguese conglomerate that made a EUR11.1 billion offer for PT earlier this year. Other potential bidders touted in the press include Spanish telecoms group Telefónica, which already holds 10% of PT, and investment groups Apollo Management, Apax and Carlyle. Industry experts believe a deal is unlikely to be completed until the autumn.