Portugal approves Cabovisão takeover

Portugal’s Competition Authority has given its green light to the takeover of cable TV operator Cabovisão by Altice VII – a holding company that invests in telecommunications in Europe.

In a statement, the regulator said it decided not to oppose the proposed merger “since the same is not likely to cause significant harm to effective competition in the relevant markets identified”.

The merger, which had been notified a month before, took place through the indirect acquisition of control of the entire shareholding capital of Cabovisão by Altice VII through direct acquisition, from Codilink, of the remaining shares that permit exclusive control of Altice Portugal – a company jointly controlled by Altice VII and Codilink and which owns 100 per cent of Cabovisão.

Altice VII already has investments in cable operators in Belgium, France, Luxembourg and Portugal.

Earlier last year, Canada’s Cogeco Cable, which owned Cabovisão, announced the sale of its shareholding in the cable operator to Altice Group for €45 million.

According to data from Portugal’s National Communications Authority (Anacom) from the 4Q 2012, Cabovisão had a 7.8 per cent share of the pay-TV market subscribers, making it the third largest player.

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