Altice executive confirms Cabovisao sale talks

19 Mar 2015

Armando Pereira, the Portuguese co-founder of investment firm Altice One (the precursor to Altice Group), has confirmed that the Luxembourg-based firm is in talks to sell its Cabovisao cable unit, in an effort to assuage competition-related concerns arising from its pending acquisition of domestic incumbent PT Portugal Telecom SGPS (PT Portugal). The executive told ‘We are at the beginning [of the negotiation process], with meetings with some people who are interested … nothing is yet set in stone.’ It has been widely suggested that the sale of Cabovisao will be one of the remedies required by Portugal’s competition regulator following the EUR7.4 billion (USD9.2 billion) sale of PT Portugal to Altice.

According to TeleGeography’s GlobalComms Database, Altice – along with private equity group Apax – acquired 100% of Cabovisao from Cogeco of Canada in February 2012, paying EUR45 million (USD60.5 million) for the Portuguese firm. In April 2013 Altice went on to acquire Apax’s 40% stake in Cabovisao, to take full control of the cableco.

Portugal, Altice Europe, Next Alt, Nowo