MásMóvil buys Nowo
August 21, 2019
From Branislav Pekic in Rome
Spain’s fourth largest telecom operator MàsMóvil, together with GAEA Inversión, have acquired joint control of the owner of Portuguese communications operators Nowo and Oni.
According to the Competition Authority (AdC), the two Spanish companies reached an agreement with US private equity fund KKR for the purchase of Cabonitel.
GAEA Inversión is a vehicle company, incorporated only for this operation, and belonging to the Inveready Group.
Nowo and Oni are changing owners again less than a year after being bought by KKR from the Apax fund.
Cable operator Nowo (former Cabovisão) is the fourth largest pay-TV distribution platform with a 4.3 per cent market share, while Oni provides telecommunications services to business customers.
Last September, Altice Portugal filed for insolvency of Nowo for failure to pay a debt of €6 million (in the meantime a payment plan was agreed).
In November, Nowo was forced to stop distribution of the SportTV premium channels due to a debt of €4 million.