#Saudi Telecom Is Said to Submit Highest Bid for Altice Portugal - Bloomberg

Saudi Telecom Is Said to Submit Highest Bid for Altice Portugal - Bloomberg

Saudi Telecom Co. has emerged as the highest bidder for Altice’s Portuguese business, a key divestment for tycoon Patrick Drahi as he seeks to pare debt at his telecom empire, people with knowledge of the matter said.

The Middle Eastern carrier submitted the highest binding offer, putting it in pole position in the race to acquire the business, the people said. Altice has now asked the two other remaining suitors to revise their proposals, according to the people, who asked not to be identified because the information is private.

A competing Warburg Pincus-backed consortium — which also includes Zeno Partners and former banker António Horta-Osório — has indicated it’s unwilling to increase its bid, the people said. Discussions with telecom billionaire Xavier Niel’s Iliad SA have also slowed recently, according to the people.

Drahi was hoping to fetch as much as €10 billion for Altice Portugal, though potential bidders have been struggling to meet that expectation, Bloomberg News has reported. It will take at least a few weeks for an agreement to be reached, the people said.