PT Multimedia has acquired three smaller Portuguese cable TV operators from Parfitel at a cost of €60 million. The company said the cost of the three companies, which represent 164,000 subscribers, was at 12 times their 2007 EBITDA.
The stakes purchased by PT Multimedia are 100% of Bragatel, 92% of Pluricanal Leiria and 98.7% of Pluricanal Santarem. In a statement PT Multimedia said the companies had posted joint revenues of €6 million for the first three months of the year and that the operations would generate ‘significant synergies’ in terms of both content and marketing.
The purchase still requires regulatory approval.
Earlier, the telecoms regulator Anacom and the competition authority AdC rejected Portugal Telecom’s plans to spin off PT Multimedia, saying that the two companies would be largely left with the same shareholder structure.