Altice Looks to Partner With CTT

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 [e-mail]

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