Telecoms investor Altice (AMS:ATC) has agreed to sell Cabovisão and Oni to private equity firm Apax France.
The transaction is subject to regulatory review by the European Commission and Portuguese authorities, and should be finalised by the end of the year, the parties said.
Perella Weinberg Partners served as financial adviser to Altice on the sale, while Deloitte’s Sami Rahal and Eric Doucet worked with Apax.
On the legal side, Apax was advised by Alexandre Duguay and James Clarke at Weil Gotshal & Manges, Pedro Cardigos at Cardigos, and Eric Barbier de la Serre at Jones Day.
In order to gain regulatory approval for its €5.79bn acquisition of Portugal Telecom, Altice agreed to dispose of its existing Portuguese assets. TelecomFinance reported in May that likely buyers included local quad-play operator Nos, Vodafone and private equity.
Apax described Cabovisão as the country’s second-largest cable operator, with more than 900,000 homes passed and 200,000 subscribers. The company also offers pay-TV, internet and fixed telephony services to consumers. ONI, for its part, provides B2B telephony.
Apax partner Thomas de Villeneuve said: “We are delighted to support Cabovisão and Oni, two companies with very high growth potential, at a time when the Portuguese economy is showing tangible signs of recovery.”