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France's Altice bids for Portugal Telecom

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France's Altice bids for Portugal Telecom

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The French cable and telecommunications group, Altice, has struck a deal to move into the Portuguese market.

Altice has agreed to buy the Portuguese assets of Portugal Telecom from Brazil’s Oi for 4.7 billion euros. The two firms have been holding exclusive negotiations

It is the latest high-profile acquisition for the firm founded by billionaire Patrick Drahi which already owns Portuguese cable businesses Cabovisao and Oni.

The French company said late last week that it would form a strategic alliance with CTT, the Portuguese postal operator, if it were to win the battle for Portugal Telecom.

Altice’s acquisition of PT would enable it to drive consolidation in the market, but it may have to make disposals to get regulatory approval.