Apax, Bain gatecrash PT bid



Private equity firms Apax Partners and Bain Capital have made a €7.075 billion offer for the Portuguese assets of  Oi, the Brazilian telecoms group, rivalling the €7.025 billion bid from Altice, the European cable group and the bid from Isabel dos Santos.

Oi, the largest landline carrier in Brazil, said that the joint offer included two €400 million deferred payments that were dependent on the business performance of the assets. If either attempt was successful, it would unwind a planned merger between the Brazilian and Portuguese groups.

PT’s stake in the proposed merger was reduced from 38 per cent to 25.6 per cent after it was revealed that Rioforte, an Espírito Santo (the failed Portuguese investment bank) holding company, had defaulted on this loan. Oi had been unaware of this. Off-loading  PT’s Portuguese assets would help Oi lower its $18 billion debt.

The rival bids are for the Portuguese assets of the country’s former state monopoly provider and exclude the African assets.

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