(Telecompaper) Altice has made a binding offer to acquire the Portuguese assets of Portugal Telecom from Oi for EUR 7.025 billion. The offer excludes PT's assets in Africa and the Rio Forte debt securities, Oi treasury shares and Portugal Telecom financing companies. Altice said the bid gives PT Portugal an enterprise value of EUR 7.025 billion on a cash- and debt-free basis. It includes a EUR 400 million earn-out related to the future revenue generation of Portugal Telecom and a EUR 400 million earn-out based on future operating free cash flow (EBITDA less capex). If accepted, the bid would be financed by new debt and existing cash from Altice. Altice is already active in Portugal through the cable operator Cabovisao. Oi has been looking to sell the PT assets in order to reduce debt and give it the financial flexibility to participate in consolidation underway in its home market Brazil.