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Apax, Bain submit offer for Portugal Telecom assets-sources

Reuters - UK Focus

LISBON, Nov 28 (Reuters) - Private equity funds Bain Capital and Apax Partners, together with Portuguese conglomerate Semapa , submitted on Friday a firm offer to buy Portugal Telecom's operations in Portugal from Brazil's Oi (NYSE: OIBR - news) , three sources said.

The offer is fully financed by banks, the sources said. One of the sources said the bid valued PT Portugal's assets at 7.075 billion euros - a figure Oi has previously given on the offer.

Oi has said it wants to sell Portugal Telecom's business in order to reduce debts. Oi ended up with the assets through a merger of the two companies.

(Reporting By Sergio Goncalves, writing by Axel Bugge editing by Jane Merriman)