PT Portugal bidders Apax, Bain plan IPO if bid wins; could get join forces with local investors
PT Portugal bidders Apax Partners and Bain Capital plan to list the Portuguese if their EUR 7.75bn joint offer succeeds and could bring Portuguese partners into their bid consortium, Expresso reported.
Sources familiar with the process told the Lusophone paper that Apax and Bain want to launch a PT Portugal IPO if they acquire the firm, in order to finance investment in fibre-optic networks in the Iberian state.
Apax and Bain are also in talks with various Portuguese investors who could back their bid to buy PT Portugal from Brazilian telco Oi, the sources said. Another report in the same paper said postal services group CTT could be one of these potential local partners.
The joint offer from the UK and US investment groups values PT Portugal at EUR 7.075bn and is 30% in cash and 70% in debt, the sources said. A rival Altice bid valued at just over EUR 7bn is 100% debt based, the report added.
Source Expresso