The deal for Portugal Telecom will strengthen Altice’s position in the Portuguese market, where it also owns cable businesses Cabovisao and Oni.
Oi completed its merger with Portugal Telecom in April, raising an estimated $3.7 billion in a follow-on share sale. The sale of its Portuguese unit is expected to lead to further activity from the Brazilian operator in its domestic market.
It marks a period of fierce expansion for Altice in the telecoms market, with the company – which is backed by billionaire entrepreneur Patrick Drahi – also completing a $23 billion deal for SFR from Vivendi earlier this year.
