Drahi scraps PT sale after low-ball offers

28 Jan 2022

Altice Europe has abandoned its long-running plan to sell its Portuguese business, PT Portugal (MEO), after bids from a number of international private equity firms failed to meet Patrick Drahi’s expectations. Three sources told Reuters that Drahi’s valuation was the main stumbling block, with the telco attracting a peak bid of just over EUR6 billion (USD6.8 billion) – notably less than what the tycoon paid for the business back in 2015. Bidders were said to include EQT and CVC.

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 for EUR7.4 billion, which included a EUR500 million deferred payment related to the Portuguese business’ future performance.

Portugal, Altice Europe, Altice Portugal (MEO), EQT, Next Alt