Paris, 16 September 2015 – Funds managed by Apax France have signed an agreement with Altice to acquire Cabovisão and ONI, the two Portuguese subsidiaries of the media and telecoms group.
Cabovisao is the second-largest cable operator in Portugal, with more than 900,000 homes passed and 200,000 subscribers. It offers pay TV, internet and fixed telephony services to consumers. ONI is one of the leading telecoms operators in Portugal offering services dedicated to corporate customers.
As indicated in Apax's press release, both companies have very high growth potential, at a time when the Portuguese economy is showing tangible signs of recovery.
The transaction remains subject to the approval of the European Commission and the Portuguese competition authorities and should be finalised before the end of the year.
NB: This investment is in addition to the commitment of €50m MADE by Altamir at 30 June 2015 and whose name cannot be disclosed at this stage.
Altamir (Euronext Paris-B, ticker: LTA) is a listed private equity company with more than €550m in assets under management. The company was created 20 years ago as a means for any investor to access private equity, one of the best performing asset classes over the long term.
Altamir invests via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms in their respective markets.
Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation: TMT, Retail & Consumer, Healthcare, Business & Financial Services; mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets.
Altamir derives certain tax benefits from its status as an SCR ("societe de capital risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Tel: +33 1 53 65 01 74