Skip to content Skip to Search
Skip navigation

Saudi telco STC ends talks to buy Altice Portugal

PIF-owned STC had offered $8.67bn for Altice Portugal, part of Altice Group founded by Patrick Drahi Reuters/Philippe Wojazer
PIF-owned STC had offered $8.67bn for Altice Portugal, part of Altice Group founded by Patrick Drahi
  • STC expanding in Europe
  • PIF-owned company walks away
  • Disagreement over final price

Saudi telecom group STC has ended talks with French-Israeli tycoon Patrick Drahi to buy Altice Portugal after a disagreement over the price. 

The Public Investment Fund-owned company, which is listed on the Saudi stock market, had offered 8 billion euros ($8.67 billion) for Altice Portugal, the European country’s largest telecommunications player, Portuguese online business site Eco reported. 

The talks broke down after two weeks of discussions on the final price, the report said, putting a minor dent in the Saudi company’s expansion plans. 

Last month, STC also initiated talks to buy the Dutch telecom and pay-TV operator United Group for a similar price of €8 billion, including debt. 

STC in September last year acquired a 9.9 percent stake in Spain’s Telefonica for SAR8.5 billion ($2.25 billion) as part of its global expansion drive. 

STC and PIF were considering a joint bid for the Austrian unit of Cellnex, Spain’s mobile phone tower operator, El Economista newspaper reported in April.

And in February, STC subsidiary Arabian Internet and Communications Services Company – known as Solutions – bought a 40 percent stake in regional IT consultancy company Devoteam Middle East for AED 726.3 million ($197.7 million). 

STC and PIF are also creating a new telecommunications infrastructure company, which is expected to have 30,000 mobile tower sites and estimated annual revenues of $1.3 billion. 

PIF will buy STC’s 51 percent stake in its Saudi subsidiary Tawal for SAR 8.7 billion ($2.32 billion) as part of the deal. Tawal owns infrastructure assets in Bulgaria, Croatia and Slovenia.

Latest articles

Amanat's listing represents the third education IPO in the UAE over the past two years

Amanat to list its education platform

Amanat Holding, an investment company in Dubai, has announced plans to list its education platform. The move will be the third education-related initial public offering in the UAE in the last two years, following the listing of Dubai’s Taaleem in 2022 and Abu Dhabi’s Alef Education earlier this year. Amanat, which specialises in healthcare and […]

Mazaya Holding Oman fraud

Al Mazaya reports legal proceedings after alleged fraud

The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […]

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]