Apax, Bain Bid for PT Portugal Assets
November 12 2014 - 5:00AM
Dow Jones News
SAO PAULO--Private-equity firms Apax Partners LLP and Bain
Capital LLC have joined forces and made a binding offer to buy PT
Portugal from its Brazilian owner Oi SA (OIBR).
The offer values the assets at an enterprise value of 7.07
billion euros ($8.8 billion) on a cash and debt free basis, Oi said
in a statement on Wednesday.
"The target assets do not include PT Portugal's investments in
Africa, debt of PT Portugal, or its investments in Rio Forte
Investments S.A.," Oi said.
The private equity firms offer is slightly higher than the offer
made by Luxembourg-based Altice SA (ATC.AE), earlier this month,
which evaluated the same assets at EUR7.03 billion.
-Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires