The company will sell its 40 per cent stakes in Numericable Belgium/Luxembourg and Cabovisao, the second largest cable operator in Portugal, to co-investor Altice VII.
Codilink’s sale of Cabovisao is subject to regulatory approval in Portugal, while the Numericable sale is expected to be completed by the end of November.
Apax Partners MidMarket and Altice VII bought Cabovisao in March 2012. Both deals were made through the firm’s Apax France VIII vehicle.
Thomas de Villeneuve, partner at Apax, said, “We have been quickly convinced by Cabovisao potential and decided to invest despite the difficult situation of the Portuguese economy at the time.
“We are very proud to have supported Cabovisao’s tremendous revival. It is now time for the company to move to a next phase together with Altice.”
Paris-based Apax has more than €2.5bn of assets under management, and targets companies in the technology, telecoms, media, retail, healthcare and business and financial services sectors in French speaking countries.
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