PT Portugal: CTT could take 20% stake in Bain Capital-Apax Partners consortium - report (translated)
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CTT, the listed postal services group, could join the Bain Capital and Apax Partners consortium bidding for PT Portugal, reported Diario Economico. Sources close to the situation told the Lusophone paper that CTT is considering a 20% stake in the Bain-Apax consortium, which will table its binding offer for PT Portugal to Brazilian telco Oi by the end of this week.
CTT is being brought into the Bain-Apax bidding group to bring synergies between its extensive Portugal branch network and PT outlets, the sources said. CTT would invest around EUR 200m in the PT Portugal acquisition using its own cash resources. Bain and Apax tabled a preliminary EUR 7.075bn bid for PT Portugal to trump the rival EUR 7.025bn cash bid from French telco Altice.
Meanwhile, Diario de Noticias cited sources familiar with the process as saying that Bain and Apax are seeking Portuguese partners for their PT Portugal takeover bid. The UK and US investment firms have held recent meetings with CTT over the potential PT Portugal disposal by Oi, the sources said.
Source Diario Economico, Diario de Noticias