Altice has completed its sale of Cabovisão and ONI in Portugal to Apax France. The disposals were a condition for European regulatory approval of Altice’s €5.79bn acquisition of incumbent PT Portugal.
Altice (AMS: ATC) has completed its sale of Cabovisão and ONI in Portugal to Apax France. The parties did not disclose the value of the transaction, agreed in September.
Altice was required by European competition officials to dispose of the two units to gain approval for its €5.79bn acquisition of incumbent PT Portugal. The smaller transaction also received European regulatory clearance.
The Amsterdam-listed company acquired Cabovisão from Cogeco for €45m in 2012, and Oni from investors for a reported €83m in 2013.
Perella Weinberg Partners served as financial adviser to Altice on the sale, while Deloitte worked with Apax.
On the legal side, Apax was advised by Weil Gotshal & Manges, Cardigos and Jones Day.
Cabovisão is Portugal’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.