PT Portugal: Bain and Apax secure funding for EUR 7.075bn bid and mandate financial advisors
PT Portugal suitors Bain Capital and Apax Partners have secured financing for their EUR 7.075bn offer and have mandated financial advisors, Diario Economico reported.
Sources familiar with the process told the Lusophone business paper that Bain and Apax have hired Barclays, BofA Merril Lynch and UBS as financial advisors for their joint bid on the Portuguese assets of Brazilian telco Oi.
Jornal de Negocios, meanwhile, reported that Barclays, UBS and BofA Merril Lynch have signed a funding accord with Bain and Apax for 70% of the bid value. The investment firms will provide the remaining 30%, sources close to the situation told the paper.
Bain and Apax are expected to table a binding bid for PT Portugal by Friday 28 November. Altice of France has offered EUR 7.025bn to Oi for its Portuguese operations.
Source Diario Economico, Jornal de Negocios