Altice has completed its takeover of PT Portugal for €5.79bn, according to a statement from Brazilian seller Oi.
The Luxembourg-based holdco has paid €4.92bn in cash and assumed PT Portugal’s €869m debt, which it has repaid.
There has been no…
Altice has completed its takeover of PT Portugal for €5.79bn, according to a statement from Brazilian seller Oi.
The Luxembourg-based holdco has paid €4.92bn in cash and assumed PT Portugal’s €869m debt, which it has repaid.
There has been no confirmation of the unit’s senior leadership, but none of the current board is expected to stay on. According to local reports, Armando Pereira – who has worked with Altice founder Patrick Drahi since the early days of the group – will become PT Portugal’s new chairman.
Last week it was reported that Joao Zuquete da Silva, CEO of Altice’s Portuguese subsidiary Cabovisao, would become CFO of PT Portugal once Altice had closed its acquisition. Cabovisao’s current deputy CEO Luis Tavares would be named head of the cableco.
Perella Weinberg, which advised Altice on the acquisition, is now working on selling Cabovisao and Oni – Altice’s other Portuguese unit – to meet regulatory conditions for the PT Portugal purchase.
However Altice’s main focus has now turned to the US. It recently agreed to buy a 70% stake in the US’ seventh-largest cableco, Suddenlink Communications, with Drahi saying it will now seek to acquire smaller add-on deals.
Meanwhile, the overwhelming majority of Altice’s shareholders have backed the holdco’s three-year plan to buy back up to €1bn (US$1.1bn) of its stock.
Under the programme, Altice may offer to repurchase shares at a premium of up to 20% on its trading price at the time.
