Ever since his abrupt departure from Credit Suisse, not much had been heard from the former president of the Swiss banking giant in the world of high finance. A 6 billion euro deal could put him back in the spotlight.
António Horta Osório, former chair of the board of directors of Credit Suisse, has kept a low profile since his ignoble resignation from the Swiss banking giant.
To be sure, the top banker did manage to secure a consulting gig with Italian investment bank Mediobanca in the summer of 2022. He also became the senior European advisor for the U.S. private equity firm Cerberus Capital Management.
However, it was the announcement by UBS that it had sold the corporate jet the Portuguese banker had used for various private trips in breach of Covid lockdown rules that caused the most headlines. The violations caused him to step down as president of the board of directors in January 2022, after just nine months.
Getting on Board With U.S. Investment Bank Cerebrus
A 6 billion-plus euro deal could put the former top banker back on the scene among the international financial elite.
The «Financial Times» reported (paid article) that according to persons familiar with the matter, U.S. investment bank Warburg Pincus had teamed up with Horta Osório on a 6 billion euro bid for Altice’s Portuguese telecoms assets.
More Than an Advisor
According to people familiar with the relationship, who described it as a «partnership,» the Portuguese banker is more than just an advisor. The former head of U.K. banking group Lloyds could play a role in the company if it is purchased. However, nothing has been decided yet.
Horta Osório ran Spanish banking giant Santander’s Portuguese business in the early 2000s when Portugal Telecom – later acquired by Altice – was a major client. Altice is owned by Patrick Drahi, a French-Israeli entrepreneur and longtime resident of Switzerland who is among the country’s wealthiest residents, according to the economic journal «Bilanz».
Apollo Is Interested Too
Altice will be collecting offers for its Portuguese telecoms business until early January. Multiple industry players and private equity funds, including the U.S. group Apollo, have already signaled their interest, according to people familiar with the matter.
Warburg Pincus recently raised more than $17 billion for its latest flagship private equity fund, despite the difficult market. The firm has made a series of investments in the telecoms and technology sectors in recent years.
Warburg’s European co-head is former Deutsche Telekom chief executive René Obermann, who was involved in some of those investments.
