Portuguese enterprise telco Oni has confirmed that it has attracted several expressions of interest.
The private equity-owned operator has been linked with a sale to Patrick Drahi’s Altice Group in the local press for a sum of less than…
Portuguese enterprise telco Oni has confirmed that it has attracted several expressions of interest.
The private equity-owned operator has been linked with a sale to Patrick Drahi’s Altice Group in the local press for a sum of less than €100m.
“All approaches have earned our best attention and represent the recognition of the effort and confidence in our work. Up to now, there has been no change in the company’s situation hence we remain focused on developing our strategy and business plan,” an Oni spokesperson said.
Portuguese newswire Lusa reported a proposal to buy the company is being held up due to the competing interests of major shareholders The Riverside Company and Gestmin, with 60.9% and 34.6% stakes respectively.
Riverside holds mostly equity while Gestmin’s holdings are predominantly in debt, Lusa reported. Citing an industry source the newswire said that in the event of a sale Oni’s debt holders would be rewarded ahead of equity holders, meaning Gestmin would receive more of the consideration than Riverside.
Oni operates a next-generation network and specialises in providing internet, voice and data services to corporate clients.
Altice owns Portuguese cableco Cabovisao, Hot Telecommunications in Israel, and a stake in French/Belgian/Luxembourgian cableco Numericable. Altice bought Cabovisao in February 2012 for €45m, less than a tenth of what the seller – Montreal-based Cogeco Cable – paid for it in 2006.