PT Portugal: Oi to decide on sale a few days after receiving Bain-Apax bid on 28 November
Oi, the Brazilian telco, will make a final decision on the sale of PT Portugal shortly after receiving the joint bid from Bain Capital and Apax Partners next week, reported Diario Economico. Sources close to the process told the Lusophone paper that Bain and Apax informed Oi of their interest in acquiring PT Portugal earlier this week and the two investment groups will make a binding offer for the Portuguese operations of Oi on 28 November.
Oi is expected to reach a final decision on the sale of PT Portugal a few days after geting the final Bain-Apax offer, the sources said. The two firms have already valued PT Portugal at EUR 7.075bn after Altice made a EUR 7.025bn bid for Oi's Portuguese operations. Bain and Apax are currently negotiating bank funding for their PT Portugal offer.
Meanwhile, Jornal de Negocios cited sources close to the situation as saying Bain and Apax have assured Brazilian and Portuguese Oi investors that their proposal will be delivered by November 28. Oi had originally set a 21 November deadline for submission of bids but this has been put back a week, the sources said.
Bain and Apax had reportedly been looking for Portuguese partners to join their PT Portugal bid but the two investment groups have decided to run as a two-member consortium, the same sources said.
Source Diario Economico, Jornal de Negocios