Multinational telecommunications company Altice has further strengthened its position in the Portuguese market by sealing an agreement to acquire Spanish media group Prisa’s stake in Media Capital.
The Portuguese media group includes commercial broadcaster TVI, a major broadcaster of sport in the country, and the largest Portuguese content producer, Plural.
Following the initial reports of talks last month, Altice has today (Friday) agreed to acquire Prisa’s 94.7 per cent stake in Media Capital in a deal that values the group at €440m ($501.3m), subject to debt and working capital adjustments.
Altice already owns telco Portugal Telecom and said the acquisition of Media Capital forms part of its global convergence strategy and follows its path in France, the United States and Israel.
Michel Combes, chief executive of Altice, said: “It is a unique opportunity to invest more capital in a market which has been our home for many years. We want to capture the many growth opportunities Media Capital offers not just in Portugal but also internationally based on an ambitious agenda focused on more digital, more content and more innovation.
“This strategy will bring benefits to all Portuguese media consumers while strengthening the Portuguese media landscape in the context of an increasingly global competition.”
Closing of the acquisition is subject to customary closing conditions including approval by Prisa shareholders and regulatory approval.
In accordance with Portuguese securities law, Altice has announced the launching of a mandatory takeover offer for the remaining 5.3 per cent of Media Capital which is not owned by Prisa. Following the completion of the mandatory takeover offer, Altice intends to delist Media Capital from the Lisbon stock exchange.