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LONDON: Altice<\/a> Europe NV is sounding out prospective bidders including Spain's MasMovil<\/a> for its business in Portugal as it seeks to exit the country after stripping off most of the unit's infrastructure operations, three sources told Reuters.
The telecoms and cable company led by Franco-Israeli tycoon Patrick Drahi is working with Lazard to prepare the sale of Portugal's largest telecoms player as part of an auction process that could kick off as soon as July, the sources said.
Major European telecoms firms such as Telefonica<\/a> and Orange<\/a> have also been alerted to the upcoming sale along with heavyweight private equity funds with a track record of telecoms investments, the sources said, cautioning a deal is not certain.
Altice<\/a>, which pioneered 5G in Portugal, owns MEO, the largest landline operator in the country.
A spokesperson for Altice said the company was not planning any sales process \"now or in the near future\" in Portugal.
Telefonica<\/a> and Orange<\/a> declined to comment, while MasMovil<\/a> was not immediately available for comment.
MasMovil, which owns cable TV operator Nowo in Portugal, is currently competing for 5G spectrum in the country where it would benefit from favourable regulatory conditions for new market entrants.
The Spanish firm, controlled by buyout funds Cinven, KKR<\/a> and Providence, is keen to expand its presence across Iberia but would struggle to meet price expectations after embarking on a 2.1 billion euro takeover of rival Euskaltel in March, one of the sources said.
Altice, which has the bulk of its operations in France, aims to sell its Portuguese unit for about 6 billion euros ($7.3 billion), representing a multiple of 7 to 8 times its core earnings (EBITDA) of 833.6 million euros, the sources said.
\"With such high multiples in mind, the sale becomes more difficult,\" the other source said.
In 2020, Altice Portugal's revenues increased 0.5% to 2.1 billion euros, while its core earnings grew 0.2% to 833.6 million euros.
Other bidders may also struggle to submit competitive bids, the sources said.
Telefonica is still grappling with high debt while private equity funds only pay top dollar for telecoms infrastructure assets where they can extract higher returns, they said.
In a bid to reduce its whopping debt Altice sold most of its infrastructure jewels in recent years, including a 75% chunk of Towers of Portugal (TOP) - which was bought by Morgan Stanley Infrastructure Partners<\/a> and Horizon Equity Partners in 2018 - and a 49.99% stake in its Portuguese fibre network, which was snapped up by Morgan Stanley Infrastructure Partners<\/a> for 2.3 billion euros in 2019.
\"The main concern is that Patrick Drahi has squeezed out all the juice,\" the first source said.
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Altice试图吸引MasMovil,其他为7.3美元左右葡萄牙出售:来源
领导的电信和有线电视公司Franco-Israeli大亨帕特里克Drahi正在与Lazard准备出售葡萄牙最大的电信玩家拍卖过程中能够尽快启动7月,消息人士说。
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伦敦:Altice欧洲NV试探潜在竞购者包括西班牙的MasMovil对其业务在葡萄牙寻求退出后脱掉大部分单位的基础设施业务,三个消息人士向路透表示。
领导的电信和有线电视公司Franco-Israeli大亨帕特里克Drahi正在与Lazard准备出售葡萄牙最大的电信玩家拍卖过程中能够尽快启动7月,消息人士说。
欧洲主要电信公司等西班牙电话公司和橙色也提醒即将出售,还有重量级的私人股本基金的记录电信投资,消息人士称,提醒交易不确定。
Altice率先在葡萄牙5克,拥有的,在中国最大的固定电话运营商。
Altice发言人表示,该公司没有计划任何销售过程“现在或在不久的将来”在葡萄牙。
西班牙电话公司和橙色拒绝置评,而MasMovil没有立即对此事发表评论。
拥有有线电视运营商MasMovil Nowo在葡萄牙,目前正在争夺5 g频谱的国家将受益于有利的监管条件,新的市场进入者。
西班牙公司,由并购基金Cinven控制,KKR普罗维登斯,希望扩大在伊比利亚半岛,但难以满足价格预期后着手21亿欧元收购竞争对手Euskaltel今年3月,一名消息人士说。
Altice,在法国的大部分业务,旨在出售其葡萄牙单位约60亿欧元(73亿美元),代表的7到8倍其核心利润(EBITDA)为8.336亿欧元,消息人士说。
“考虑到如此高的倍数,销售将变得更加困难,”消息人士说。
2020年,Altice葡萄牙的收入增加0.5%,至21亿欧元,而其核心盈利增长0.2%,至8.336亿欧元。
其他竞标者可能也难以提交竞争性投标,消息人士说。
西班牙电信仍应对高负债而私人股本基金仅付高价电信基础设施资产,在那里他们可以提取更高的回报,他们说。
为了减少其庞大债务Altice出售的大部分基础设施珠宝近年来,包括75%的葡萄牙塔(上)——这是买的摩根士丹利(Morgan Stanley)基础设施合作伙伴和地平线股权合作伙伴在2018年和葡萄牙的光纤网络,49.99%的股份被抢购一空摩根士丹利(Morgan Stanley)基础设施合作伙伴在2019年以23亿欧元。
“主要关心的是帕特里克Drahi挤出汁,“第一个消息人士说。
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