Sale agreed for Portuguese communications companies |
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Less than a year after being purchased by the American private equity fund KKR, the Portuguese communications companies Nowo (previously Cabovisão) and Oni have been bought by the Spanish telecoms firm MásMóvil. According to reports from Advanced Television, MásMóvil is partnering with GAEA Inversión to buy the companies in a deal that will give them joint ownership over the brands. GAEA Inversión, which is part of the Inveready Group, has been established specifically for the purpose of this deal. An insolvency petition was filed against Nowo by Altice Portugal in September 2018, over unpaid debts of €6 million. Nowo was subsequently able to reach a payment agreement with the creditor. However, the communications firm also had debts of €4 million that led to it having to cease distribution of a premium sports channel in November 2018. |
