European investor group Altice will invest €500 million in Portugal’s third largest cable TV operator Cabovisão.
The resources will be used to boost the TV channel offer; to expand coverage in big Portuguese cities such as Lisbon, Porto, Braga and Guimarães; and for the acquisition of other companies, with some negotiations already in the “advanced stage”. Investment will be made exclusively with equity.
Part of the investments will be in a new digital box, which Altice defines as “revolutionary”, to be launched on September 30 in Portugal.
Altice acquired Cabovisão in February 2012 from Canada’s Cogeco Cable for €45 million. At the end of the 1H 2012, Cabovisão had an 8 per cent market share of the local pay-TV market, with 256,730 customers.