LISBON, Portugal – Telecoms company Altice is buying control of Portugal's Media Capital, paying Spain's Prisa 440 million euros ($502 million) for its 94.7 percent stake in the Lisbon company.
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The takeover is the latest addition to Altice's portfolio after its efforts to expand its telecommunications and cable presence in the United States and France.
Netherlands-based Altice N.V. said in a statement Friday it had reached "a definitive agreement" with Promotora de Informaciones, S.A to buy its stake in Media Capital SGPS, SA.
Media Capital is one of Portugal's leading media groups, owning popular national television channels and radio stations. Altice is buying Media Capital through its local telecoms company MEO.
Altice has also pursued an aggressive expansion in the U.S., buying New York cable operator Cablevision for $17.7 billion two years ago.