Altice has returned to the M&A trail with a deal to acquire Prisa’s 94.7 percent stake in Portugal-based Media Capital.
The operator said the deal valued Media Capital, which owns a range of TV, radio, internet and music assets, at €440 million.
It said it planned to launch a mandatory takeover offer for the remaining 5.3 percent of Media Capital that is not owned by Prisa, a Spanish media company.
Media Capital recorded revenues of €174.0 million and EBITDA of €41.5 million last year.
It owns the leading Portuguese free-to-air TV broadcasting channel, the second largest radio group in the country and the second largest national internet gateway among other brands.
Altice said it was committed to continuing Media Capital’s open platform, and promised to invest in digital expansion, develop new TV channels and launch new services.
It is expected that Altice will use some of Media Capital’s assets to boost the services offered by Portugal Telecom, which it acquired in 2015.
Altice confirmed that it plans to export Portuguese content to its other opcos, notably in France and the US.
The company has been actively building up content businesses in France as it looks to merge its telecom assets with media, content and advertising services.
Altice CEO Michel Combes said: “We are extremely excited about the acquisition of Media Capital.
“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.”
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