Private equity firms Apax Partners and Bain Capital have launched a joint bid to acquire Portugal Telecom from Brazilian telecoms giant Oi for an enterprise value of €7.075bn (£5.57bn).
The offer was for “certain assets” of PT Portugal, Oi confirmed in a statement. Those target assets exclude the company’s debt and its investments in Africa and Rio Forte Investments.
“The proposal has already been sent to Oi’s board of directors, which will analyse and decide over its terms,” Oi added.
The private equity pair now rival Altice for the Portuguese telecoms provider. European cable company Altice – owned by French billionaire Patrick Drahi – made a bid of €7.025bn earlier this month.
Oi is looking to sell PT’s operations in Portugal in order to reduce its debt after a merger between the two companies.