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Apax and Bain Capital in rival bid for Portugal Telecom

Portugal TelecomPrivate equity groups Apax Partners and Bain Capital have made a rival bid for Portugal Telecom following Altice’s €7 billion bid for the company and Angolan businesswoman Isabel dos Santos’s counter-bid for the holding company for Portugal Telecom’s stake in Oi. 

The two private equity companies have made a €7.075 billion bid for the Portuguese assets of Portugal Telecom, rivaling Altice’s €7.025 billion bid. The joint offer includes two €400 million deferred payments that are dependent on how the assets perform in the future.

Like Altice’s bid, the new bid would seek to reverse Portugal Telecom’s controversial merger with Oi. Dos Santos’s bid, on the other hand, is based on the merger going ahead.