Altice Group has entered into a sale and purchase agreement with private equity firm Apax Partners to sell its Portuguese units Cabovisao and Onitelecom (ONI). The transaction is subject to regulatory review by the European Commission (EC) and Portuguese authorities; a sale price for the assets has not been disclosed.
Altice, which concluded the EUR7.4 billion (USD9.2 billion) acquisition of PT Portugal (MEO) in June this year, is obliged to sell the aforementioned units as part of an EC mandate. According to TeleGeography’s GlobalComms Database, Altice acquired Cabovisao from Canada’s Cogeco in Q1 2012, paying just EUR45 million for the unit. Subsequently, in May 2013 Altice agreed to buy a 95.5% stake in Onitelecom for EUR83 million.