Altice sells Cabovisão to Apax France

Altice has agreed to sell its Portuguese cable subsidiary Cabovisão to private equity group Apax France in line with regulatory demands associated with its acquisition of Portugal Telecom.

Altice will sell Cabovisão and business-to-business telco ONI to Apax France, the deal will be subject to regulatory review by the EC and Portuguese authorities.

Perella Weinberg Partners advised Altice on the transaction.

Altice plans to finalise the sale in the coming weeks. The EC gave a green light to the €7.4 billion acquisition of Portugal Telecom in April on condition that Altice dispose of its existing Portuguese assets.

Altice acquired Cabovisão from Canada’s Cogeco in 2012 for €45 million. It acquired ONI the following year from Gestmin and Riverside for €82 million. The value of the sale to Apax, which had been seen as a rival for Portugal Telecom, was not disclosed.