STC said to eye stake in telecom group Altice Portugal: Saudi Telecom Co. (STC) — the kingdom’s largest telecom operator — is reportedly among a handful of suitors that are considering an acquisition of Altice Portugal, the largest telecom service provider in Portugal, Bloomberg reports, citing people it says have knowledge of the situation.

Background: Interest from STC, which is 64% owned by the Public Investment Fund, and others come as media empire owner and Israeli b’naire Patrick Drahi looks to sell shares as he looks to pay down debt.

What we know: A number of telecom operators and private equity firms are said to be eyeing Altice, which operates under the MEO brand, and could submit initial bids before Christmas. The sale could come in at EUR 7-9.5 bn, the sources said.

What’s on Drahi’s mind: Drahi told investors in September that he was leaning towards a sale to private equity investors rather than industrial or strategic partners.

All part of a big plan by STC: The kingdom’s leading carrier has been pushing into Europe of late. It grabbed a 9.9% stake in Spain’s Telefonica in September to become the telecom giant’s top shareholder. The move came a few months after its subsidiary Tawal, a leading integrated ICT infrastructure company in the MENA region, agreed to buy mobile tower infrastructure worth EUR 1.2 bn from United Group.

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