IFLR1000

Altice €7.4 billion acquisition of Portugal Telecom

2/6/2015
Acquisition finance, Public acquisition
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€ 7.4 billion

$ 7.758 billion

Completed

2/6/2015

Overview:

  • Netherlands based - French owned telecommunications company Altice completed the acquisition of the Portuguese assets of Portugal Telecom from Brazil’s Oi for €7.4 billion. 
  • The move comes a year after Portugal Telecom and Oi's own merger. 
  • The European Commission gave the go ahead on the basis that the group sells its existing Portuguese subsidiaries ONI and Cabovisao.
  • Financing for the acquisition took the form of an €841 million new term loan, consisting of a €330 million new super senior revolving credit facility and a €501 million new Pari Passu revolving credit facility.
  • Altice Financing also issued $2.06 billion senior secured notes and €500 million senior secured notes. 
  • Altice Finco issued $385 million senior notes and Altice issued $1.48 billion senior notes and €750 million senior notes.
  • Goldman Sachs International, JPMorgan Securities, JPMorgan Securities, Credit Suisse Securities, Deutsche Bank, London Branch, Deutsche Bank Securities, Morgan Stanley & Co. International, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Banca IMI, Citigroup Global Markets, HSBC Bank, Nomura International, Nomura Securities International, RBC Europe, Société Générale and UniCredit Bank acted as mandated lead arrangers and lenders. 

John Crabb - Journalist

Jurisdictions:

Brazil
France
Luxembourg
Netherlands
Portugal

Deal types:

Acquisition finance
Public acquisition

Practice area:

M&A

Industry sector:

Technology and telecommunications

Firms:
Cescon Barrieu

Party: Portugal Telecom (Target)

Lawyers: Ana Carolina Castro Reis Passos, Maria Cristina Cescon

Cuatrecasas

Party: Goldman Sachs International (Mandated lead arranger, Lender)

Party: JPMorgan Securities (Mandated lead arranger, Lender)

Party: Credit Suisse Securities (Mandated lead arranger, Lender)

Party: Deutsche Bank (Mandated lead arranger, Lender)

Party: Deutsche Bank Securities (Mandated lead arranger, Lender)

Party: Morgan Stanley & Co International (Mandated lead arranger, Lender)

Party: BNP Paribas (Mandated lead arranger)

Party: Crédit Agricole Corporate and Investment Bank (Mandated lead arranger)

Party: Banca IMI (Mandated lead arranger)

Party: Citigroup Global Markets (Mandated lead arranger)

Party: HSBC (Mandated lead arranger)

Party: Nomura International (Mandated lead arranger)

Party: Nomura Securities (Mandated lead arranger)

Party: RBC Europe (Mandated lead arranger)

Party: Société Générale (Mandated lead arranger)

Party: Unicredit Bank (Mandated lead arranger)

Lawyers: Luís Miguel Cortes Martins, Maria João Ricou, Rafael Lucas Pires

Elvinger Hoss Prussen

Party: Goldman Sachs (Arranger)

Lawyer: Linda Funck

Franklin

Party: Altice (Acquirer)

Latham & Watkins

Party: Goldman Sachs (Mandated lead arranger, Lender)

Party: Deutsche Bank (Mandated lead arranger, Lender)

Party: Morgan Stanley Bank International (Mandated lead arranger)

Party: Credit Suisse (Mandated lead arranger, Lender)

Party: Société Générale (Mandated lead arranger)

Party: BNP Paribas Fortis (Mandated lead arranger, Lender)

Party: Crédit Agricole Corporate and Investment Bank (Mandated lead arranger, Lender)

Party: Nomura International (Mandated lead arranger, Lender)

Party: HSBC France (Mandated lead arranger, Lender)

Party: Citigroup Global Markets (Mandated lead arranger, Lender)

Party: Citigroup (Lender)

Party: Morgan Stanley Senior Funding (Lender)

Party: JP Morgan Securities (Mandated lead arranger, Lender)

Lawyers: Dan Maze, Melissa Alwang, Melissa Alwang, Scott Colwell

Luther

Party: Altice (Borrower)

Lawyers: Eric Sublon, Selim Souissi

Ropes & Gray

Party: Altice (Acquirer)

Lawyers: Anna Lawry, Michael Kazakevich

Serra Lopes Cortes Martíns & Associados

Party: Oi (Seller)

Uría Menéndez – Proença de Carvalho

Party: Altice (Acquirer)

Lawyer: António Villacampa

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