KKR swoops for Nowo, Oni in Portugal

5 Oct 2018

US private equity firm KKR & Co. (formerly Kohlberg Kravis Roberts & Co.) has reportedly notified Portugal’s Competition Authority (Autoridade da Concorrencia) that it has agreed to acquire Cabolink, the holding company which operates local ISPs Nowo (formerly Cabovisao) and Oni Communications for Apax Partners. No purchase price has been disclosed.

In September 2015 Altice agreed to sell its legacy Portuguese units Cabovisao and Onitelecom (ONI) to private equity firm Apax France for EUR140.6 million (USD161.6 million). The deal, which was part of the EC mandate relating to Altice’s takeover of PT Portugal (MEO), closed in January 2016.

The Portuguese deal is the latest in a long line of private equity firm-driven takeovers in the telecoms sector. Late last month KKR sold a majority stake in Balkan cable operator United Group to fellow investment firm BC Partners in a deal which valued United Group at EUR2.6 billion.

Portugal, Apax Partners, Kohlberg Kravis Roberts & Co (KKR), Nowo (formerly Cabovisao), Onitelecom (ONI)