PT Portugal suitor Altice's raised bid of EUR 7.4bn beats rival Bain/Apax offer
PT Portugal will be sold to Altice by Oi for EUR 7.4bn after the French telco raised its original EUR 7.025bn offer, reported Diario Economico.
Sources familiar with the situation told the Lusophone business paper that Altice has boosted PT Portugal's value to EUR 7.4bn in its offer and reduced future earn-out conditions from EUR 800m to EUR 500m.
Oi will select the Altice offer in favour of a rival EUR 7.075bn bid from Apax Partners and Bain Capital, in partnership with Semapa, the Portuguese cement group, the sources said. Oi investors reached a decision on the PT Portugal sale over the weekend and the process is expected to conclude by the end of this week, the report said.
Meanwhile, Jornal de Negocios also reported Altice's raised offer on PT Portugal and said the process is fully financed by Morgan Stanley, Goldman Sachs, JP Morgan, Credit Suisse and Deutsche Bank.
Source Diario Economico, Jornal de Negocios