Private equity fund Altice has completed its acquisition of Portuguese telco Oni, which is being merged into the investor’s local cableco Cabovisao.
Closing of the deal follows approval from the Portuguese antitrust authority at the start of the…
Private equity fund Altice has completed its acquisition of Portuguese telco Oni, which is being merged into the investor’s local cableco Cabovisao.
Closing of the deal follows approval from the Portuguese antitrust authority at the start of the week, which concluded that the tie-up would not impede effective competition.
Altice said it financed the deal through a draw on its term loan facility, but did not disclose how much it paid for the enterprise-focused operator. Local reports have previously suggested a price of €83m (US$108m).
The Luxembourg-based investment fund confirmed it had agreed a deal at the start of June to purchase Oni from major shareholders The Riverside Company and Gestmin, which held 60.9% and 34.6% stakes respectively.
Shortly after, Altice announced a €250m (US$333m) senior notes offering and secured €920m (US$1.2bn) in various loans to be used for acquisitions and refinancing.
Commenting on the Oni acquisition, Altice’s CEO Dexter Goei said: “We believe that combining Oni’s portfolio of business clients and additional network infrastructure with Cabovisao’s existing business will enable us to unlock synergies and create significant growth opportunities for Altice in Portugal.”
The fund entered the country last year with the acquisition of Cabovisao from Quebecois group Cogeco for the knock-down price of US$60m.
Founded by French businessman Patrick Drahi, Altice owns a portfolio of telecoms assets in Belgium, French overseas territories, Israel, Luxembourg, Portugal and Switzerland.
The Oni deal marks Altice’s second acquisition of the year following its purchase of a majority stake in Outremer Telecom in July from France’s Axa Private Equity for an undisclosed value.
