More consolidation activity over in Europe this morning, as Altice is making its case for a bigger piece of the pie. They've offered €7B, or about $8.7B, to buy Portugal Telecom from Brazil's Oi.
Oi agreed to buy PT last year, but the deal hasn't closed yet. A series of missteps by PT has cast doubt on the deal, and Altice is clearly making a bid to pick up the pieces that Oi would rather not. Their plan is obviously to add a telco/mobile component to their existing cable businesses in Portugal.
Altice's Numericable is already in the process of buying SFR from Vivendi over in France for $23B. This deal, should it come to fruition, would give them more than $30B of M&A in play. And as with so many of the active consolidators these days, Altice is controlled by yet another billionaire -- Patrick Drahi. The big money guys are definitely looking to add to their empires right now, for the right price.