PARIS--Altice SA (ATC.AE) said Friday it had agreed on the broad
terms of a partnership with Portuguese postal services provider CTT
(CTT.LB), as the Luxembourg-based telecom holding group remains
locked in a bidding war for PT Portugal SGPS SA.
The alliance, which would focus on the distribution of
telecommunications services and products and the development of new
business ventures, is subject to Altice's successful acquisition of
PT Portugal, said the company in a statement.
Earlier this month, Altice made a binding offer to buy PT
Portugal from its Brazilian owner Oi SA (OIBR), valuing the
Portuguese telecom business at 7.03 billion euros ($8.8
billion).
But private-equity firms Apax Partners and Bain Capital LLC
later topped that offer, with a joint bid valuing PT Portugal at
EUR7.07 billion.
On Thursday, Portuguese conglomerate Semapa, Sociedade de
Investimento e Gestao (SEM.LB), said it would join forces with Apax
Partners and Bain Capital to buy PT Portugal.
Semapa said it would probably acquire between 5% and 10% of PT
Portugal, in a regulatory filing in Portugal. The filing didn't say
how much Semapa would contribute to the bid, or if the group will
raise its bid. Semapa is a holding company with interests in the
cement, pulp and paper and environmental services sectors.
-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
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