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Spinning Off Pt Multimedia A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from NOVA – School of Business and Economics. SPINNING OFF PT MULTIMEDIA João Henrique do Carmo Mateus 2044 A Project carried out on the Masters in Management Program, under the supervision of: Professor Paulo Soares de Pinho January 8th, 2016 João Henrique do Carmo Mateus ACKNOWLEDGMENTS The final outcome of this work was achieved with the guidance of Professor Paulo Soares de Pinho – the constant seek for perfection, as well as his patience and perseverance throughout the semester helped me improve and succeed in the final results. - - - It is also important to mention my family for all the support, specially my parents that provided me with the tools to succeed in another important chapter of my life, as well as Catarina, for the help with all the revisions. João Henrique do Carmo Mateus ABSTRACT The purpose of the present case – and accompanying Teaching Notes – is to better understand the spin-off of PT Multimédia, by Portugal Telecom, after receiving a Public Takeover Offer from Sonaecom, in 2006. The Government and the Competition Authority had never looked in a serious way at PT’s dominant position and the lack of room for competition in the TMT sector – PT was the owner of both the cable and copper networks, having access to privileged information from its competitors with control over the wholesale and retail businesses. In 2006, the company received a takeover offer from Sonaecom, the TMT subsidiary from the Portuguese conglomerate Sonae. The offer was voted and rejected by a majority of PT shareholders, but the whole process triggered several recommendations from the regulatory bodies. As a result, PT divested its cable business with the spin-off of PT Multimédia, giving birth to a new competitor and a totally different landscape in the telecommunications sector in Portugal. KEYWORDS: Portugal Telecom, Spin-off, Takeover Offer, Corporate Governance João Henrique do Carmo Mateus TABLE OF CONTENTS ABSTRACT PORTUGAL TELECOM HISTORY………………………………………………..……………1 Early days: TLP and CTT Portugal Telecom, SGPS, SA TMN PT Multimédia and TV Cabo Telesp Celular and Vivo SONAE TAKEOVER OFFER FOR PT……………………………………….………………….3 PT’s Dominant Position The Competition Authority Role Alternatives for the disposal of PTM SONAE................................................................................................................................................6 Sonaecom Optimus Telefónica WORLD ECONOMIC OUTLOOK……………………………………………………….………7 TELECOM INDUSTRY IN 2006………………………………………………………….………8 Portugal TMT in 2006 MERGERS & ACQUISITIONS IN 2006………………………………………………….……..10 Type of Divestment The Spin-off Process THE SPIN-OFF OF PT MULTIMÉDIA……………………………….…………………………12 APPENDIX TEACHING NOTES REFERENCES João Henrique do Carmo Mateus ACRONYMS AND ABBREVIATIONS AT&T – American Telephone and Telegraph (American telecom company) BCG – Boston Consulting Group (American consulting firm) BPI – Banco Português de Investimento (Portuguese private bank) BRIC – Brazil, Russia, India and China (referring to emerging economies) CAGR – Compound Annual Growth Rate CAPM – Capital Asset Pricing Model CAR – Compound Annual Return CEO – Chief Executive Officer CGD – Caixa Geral de Depósitos (Portuguese State owned bank) D/E – Debt-to-Equity ratio (capital structure of a company) DBK – DBK Informa – Observatorio Sectorial (Iberian consulting and market studies firm) DCF – Discounted Cash Flow (Valuation Model) EBIT – Earnings Before Interest and Taxes EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization EUR – Euro (currency) EV – Enterprise Value FCF – Free Cash Flow FCFE – Free Cash Flow to Equity FCFF – Free Cash Flow to the Firm FED – United States Federal Reserve Bank GDP – Gross Domestic Product GSM – Global System for Mobile (digital technology for mobile operations) IPO – Initial Public Offering IT – Information Technology ITU – International Telecommunication Union M&A – Mergers and Acquisitions MVNO – Mobile Virtual Network Operator NOPLAT – Net Operating Profit Less Adjusted Taxes NOS – Portuguese technology, media and telecommunications company (former “ZON”) OECD – Organization for Economic Co-operation and Development P/E – Price Earnings ratio PT – Portugal Telecom (Portuguese telecom company) PTM – PT Multimédia (Portugal Telecom’s subsidiary that was spun-off and originated “ZON”) SBC – Southwestern Bell Telephone Company (American telecom company) SOTP – Sum of the parts TMT – Technology, Media and Telecommunications USD – United States Dollar (currency) WACC – Weighted Average Cost of Capital ZON – Portuguese technology, media and telecommunication company (1993-2014) João Henrique do Carmo Mateus It was only after 7 PM, on the warm spring Friday of March 02, 2007 - 389 days after Sonae Group public takeover offer for Portugal Telecom - that Henrique Granadeiro and Zeinal Bava, respectively Chairman and CEO of Portugal Telecom (PT) could finally smile and celebrate with the other board members of Portugal's leading telecommunications company. PT’s shareholders had just voted against the hostile takeover attempt made by Sonae, a Portuguese conglomerate, but the concerns with that long-lasting process were far from being over. In reality, the sweet taste of victory was mixed with the sour taste of regulatory interventionism. The takeover had attracted significant attention by regulatory bodies who saw it as an opportunity to increase the competitiveness of the country's telecommunications sector. Due to regulators’ pressure, PT was about to divest its much prized Multimedia unit, in a operation that would result not only in the beginning of the downfall of one of Portugal’s biggest companies, but also in a total reconfiguration of the Portuguese Telecom Sector. - - - PORTUGAL TELECOM HISTORY Early days: TLP and CTT Only one year after Alexander Graham Bell announced the invention of the telephone in 1876, the first telephone experiments were portrayed in Portugal. In 1887, a concession set in Lisbon and Oporto by The Edison Gower Bell Company was transferred to APT – Anglo Portuguese Telephone Company. Almost one century later, in 1968, TLP – Telefones de Lisboa e Porto (“Lisbon and Oporto Telephones”) became the first Government owned company to explore telephone services in Portugal’s two major cities – CTT, the Portuguese Telephone, Telegraph and Post Office company (Correios, Telégrafos e Telefones) covered the rest of the country. Radio-telegraphy and wireless telephone were explored by CPRM – Companhia Portuguesa Rádio Marconi, through an agreement with Marconi’s Wireless Telegraphy concession. Between 1970 and 1992, CTT became a public company, TLP was transformed under the State control and TDP – Teledifusora de Portugal, was created with the mission to explore over-the-air radio and television broadcasting. 1992 was the year that witnessed the inception of Portugal’s biggest telecommunications company and one of the key economic players on the following years. Spinning Off PT Multimedia | 1 João Henrique do Carmo Mateus With the purpose to manage all the State participations in the sector (CTT, TLP, CPRM and TDP) Portugal Telecom SA was created (firstly named “Comunicações Nacionais SGPS, SA). Portugal Telecom, SGPS, SA Eight years after its inception, in 2000, the fifth phase of privatization was concluded leaving the State with a minor participation on the company (around 11 percent), although having privileged voting rights through a golden share. The expansion into new technological fields, business areas and products (see Exhibit 1), as well as the creation of a new holding company to manage PT’s participations (Portugal Telecom, SGPS, SA) were the first steps of the soon-to-become Portugal’s TMT behemoth1. The company comprised several brands along the technological and telecommunications sector, such as TMN (Mobile), PT Multimédia and TV Cabo (television) as well as Netcabo (internet). TMN TMN was a Portuguese telecommunications company that operated in the mobile segment – the brand was launched in March 1991 by PT Comunicações as Portugal Telecom’s mobile operator2. The company that began to operate on a analogic network and later moved to digital (GSM), launched a third generation mobile technology UMTS in 2004, soon establishing itself as Portuguese market leader in mobile communications – in 1997 it had already 7 million customers. TMN was the first company in the world to introduce pre-paid SIM cards that allowed customers to pay for the service before using it – this innovative process allowed for a reduction in the number of invoices and burocracy in contracts. PT Multimédia and TV Cabo TV Cabo was the first Pay TV Company to operate in Portugal, as well as the first cable TV operator. The inception was in 1993 and it started broadcasting in 1994, operating 30 channels. In 1996, after the restructuring of the Portugal Telecom group in the areas of fixed-line telephone network, mobile, cable television and media, corporate, international, innovation and information systems, it was created PT Multimédia, SGPS, SA (“PT Multimédia”) – a holding with the main purpose of centralizing Internet and Media activities. In 1998, the company launched its first satellite service, allowing the expansion of its products across the whole country. In the same year, Spinning Off PT Multimedia | 2 João Henrique do Carmo Mateus the company created the first national cable internet company – Netcabo. In 1999, TV Cabo
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