Altice Europe is sounding out prospective bidders for its Portuguese business, PT Portugal (MEO), Reuters reports, citing three separate sources. The article notes that Spain’s Grupo MASMOVIL has been approached, as have European telecoms giants Telefonica and Orange. MASMOVIL currently owns Portuguese cableco Nowo, while neither Telefonica nor Orange are currently active within the country. Sources indicated that ‘heavyweight private equity funds with a track record of telecoms investments’ have also been alerted to Altice’s plans. Lazard is said to be managing the sale, and an auction is expected to start as soon as July.
According to TeleGeography’s GlobalComms Database, PT Portugal has been wholly owned by Netherlands-based Altice Europe since June 2015. In December 2014 Brazilian telco Oi agreed to sell the operating unit to Altice in a deal worth EUR7.4 billion (USD9.2 billion), which included a EUR500 million deferred payment related to the Portuguese business’s future performance.