Blackstone, CVC circling Altice Portugal; Drahi could use funds for Eutelsat bid

26 Oct 2021

Altice Europe’s proposed sale of its Portuguese unit has drawn initial interest from private equity firms Blackstone and CVC Capital Partners, Bloomberg has reported. The article notes that Apollo Global Management, EQT and Spanish operator Grupo MASMOVIL are also monitoring the situation. The companies are willing to pay up to EUR7 billion (USD8.1 billion) for PT Portugal (MEO), with the news agency indicating that Altice owner Patrick Drahi is planning to use the funds to launch a takeover bid for satellite giant Eutelsat.

According to TeleGeography’s GlobalComms Database, PT Portugal has been wholly owned by Netherlands-based Altice Europe since June 2015. The telco was acquired from Brazil-based Oi, while Altice’s final bid for PT Portugal was EUR7.4 billion, which included a EUR500 million deferred payment related to the Portuguese business’ future performance.