NOWO

NOWO is a Portuguese telecommunications brand and operator that developed from Cabovisão, a cable business established in 1993. It operates in Portugal and is one of the country’s principal triple-play providers, alongside MEO, NOS and Vodafone. Its consumer offer has historically combined fixed broadband, television, fixed telephony and mobile communications, with the brand also associated with 4G services and a nationwide telecommunications infrastructure built around cable and fiber assets. Cabovisão was initially concentrated in parts of Alentejo, the Beiras and the corridor between Lisbon and Palmela rather than covering the whole Portuguese market. During the 2000s it became one of the country’s largest cable network operators. By 2010, its network was reported to pass approximately 900,000 homes and to support more than 800,000 television, telephone and internet services. The company also helped broaden Portuguese pay-television choice by introducing channels such as MGM, AXN, Record and FOX to its service portfolio. Ownership changed several times as the Portuguese telecommunications market consolidated. Cabovisão was controlled by Telemax BV in the mid-2000s and was acquired by Canada’s Cogeco in 2006. In 2012 it was purchased by Altice. Altice later sold Cabovisão and ONI to Apax France in 2015 in the context of European Union competition remedies connected with Altice’s acquisition of Portugal Telecom, whose consumer operator was MEO. The business was renamed NOWO in September 2016, marking a new consumer identity and strategy while retaining the underlying telecommunications operation. In 2019, MásMóvil and the GAEA Inversión fund acquired Cabonitel, the holding company associated with NOWO and the business-focused operator ONI. The brand subsequently remained an independent challenger in a concentrated Portuguese market. Vodafone Portugal announced an agreement to acquire NOWO in 2022, but Portugal’s communications regulator, ANACOM, did not approve the transaction on the terms presented and required additional remedies or abandonment of the operation. In August 2024, Digi Communications announced a share purchase agreement with Lorca JVCO Limited to acquire all issued shares of Cabonitel for an enterprise valuation of EUR 150 million, subject to customary adjustments and contingent events. The transaction placed NOWO within the Digi group and aligned it with a telecommunications operator expanding across European markets. NOWO’s network is described as extending for approximately 14,000 kilometres of fiber and reaching more than 70 municipalities and 200 parishes in Portugal. Its positioning is that of a value-oriented, multi-service telecommunications challenger rather than a premium specialist brand.

NOWO traces its operating history to Cabovisão, which was formed on September 27, 1993 as a Portuguese cable telecommunications company. Its early development was regional. Rather than immediately pursuing complete national coverage, the operator concentrated on areas including Alentejo, the Beiras and the corridor between Lisbon and Palmela. The company nevertheless became an important participant in the expansion of Portuguese cable television, fixed telephony and internet access. By 2006, Cabovisão was fully controlled by Telemax BV, a Dutch company connected to Cable Satisfaction International and Catalyst Capital. At that time it was regarded as Portugal’s second-largest cable network operator. Its growth prospects were linked to increasing demand for triple-play packages combining television, fixed telephone and internet services. Cogeco acquired the company in 2006 for a reported EUR 465 million. Under Cogeco, the network continued to expand. By 2010 it was reported to reach approximately 900,000 homes and to provide more than 800,000 television, telephone and internet services. Cabovisão competed in an increasingly concentrated market. The arrival and growth of rival operators, including ZON, placed pressure on its customer base and financial position. In 2011, press reports discussed possible interest in a sale, although both Cabovisão and Cogeco denied that the operator was being marketed at that time. The competitive environment remained difficult, and Cabovisão was sold to Altice in February 2012 for a reported EUR 45 million. Altice later divested Cabovisão and ONI in September 2015. The sale to Apax France was connected to European Union competition requirements following Altice’s acquisition of Portugal Telecom, which owned MEO, another major Portuguese telecommunications operator. Apax France and Fortino Capital became shareholders of the businesses. ONI focused primarily on business telecommunications, while Cabovisão served the consumer market. On September 13, 2016, Cabovisão introduced a new identity and strategy under the NOWO name. The rebranding separated the consumer-facing proposition from the older Cabovisão identity and positioned the company as a contemporary challenger in Portuguese telecommunications. NOWO retained a multi-service model spanning television, broadband, fixed telephony and mobile communications, including 4G services. In 2019, Spanish operator MásMóvil and the GAEA Inversión fund acquired Cabonitel, the holding company associated with NOWO and ONI. The Portuguese Competition Authority authorized the transaction in October of that year. NOWO continued to operate in a market dominated by larger integrated providers, using bundled services and network coverage as principal competitive tools. Vodafone Portugal announced an agreement to acquire NOWO in September 2022 through an arrangement with Lorca JVCO Limited. The proposed transaction encountered regulatory opposition: ANACOM did not approve the acquisition on the submitted terms and indicated that Vodafone would need to offer new remedies or abandon the operation. This prevented the announced deal from immediately changing the competitive structure of the Portuguese market. In August 2024, Digi Communications announced a share purchase agreement with Lorca JVCO Limited for the acquisition of 100 percent of the shares issued by Cabonitel. The reported valuation was EUR 150 million, subject to customary adjustments and certain contingent events. The transaction brought NOWO into the Digi group. The operator’s infrastructure has been described as including approximately 14,000 kilometres of fiber, reaching more than 70 municipalities and 200 parishes in Portugal. NOWO therefore represents both the continuation of Cabovisão’s regional cable history and a platform within Digi’s broader European telecommunications expansion.

1. 2024Digi agrees to acquire Cabonitel

   Digi Communications announced an agreement to acquire all issued shares of Cabonitel, the holding company associated with NOWO.

   Source
2. 2022Vodafone transaction faces regulatory opposition

   ANACOM did not approve Vodafone Portugal’s proposed acquisition of NOWO on the submitted terms.

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3. 2019Cabonitel changes ownership

   MásMóvil and GAEA Inversión received Portuguese regulatory authorization to acquire Cabonitel.

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4. 2016NOWO brand launches

   Cabovisão adopted the NOWO name and presented a new brand identity and strategy on September 13, 2016.

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5. 2015Sale to Apax France

   Cabovisão and ONI were sold to Apax France in September 2015 in connection with European competition remedies.

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6. 2012Altice acquisition

   Altice acquired Cabovisão in February 2012.

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7. 2010Network reaches approximately 900,000 homes

   Cabovisão’s network was reported to pass around 900,000 homes and support more than 800,000 television, telephone and internet services.

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8. 2006Cogeco acquires Cabovisão

   Cogeco acquired Cabovisão after the company had become a significant regional cable operator in Portugal.

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9. 1993Cabovisão is formed

   Cabovisão was established on September 27, 1993, beginning the business history that later continued under the NOWO brand.

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A value-oriented Portuguese telecommunications challenger providing bundled mobile, broadband, television and fixed-line services.

• Mobile telecommunicationsMobile services

  NOWO offers mobile telecommunications in Portugal, including 4G connectivity. Mobile services form part of its broader multi-product proposition and can be combined with fixed broadband, television and fixed-line services.

• Fiber and fixed broadbandFixed broadband

  Fixed internet access is a core part of NOWO’s telecommunications portfolio. The operator is associated with a fiber network of approximately 14,000 kilometres, reaching more than 70 municipalities and 200 parishes in Portugal.

• TelevisionPay television

  NOWO provides television services as part of its consumer communications offering. The business inherited Cabovisão’s cable television heritage, including a history of carrying international channels such as MGM, AXN, Record and FOX in Portugal.

• Fixed telephonyFixed-line communications

  Fixed-line telephone service is one of NOWO’s established consumer communications products and has historically been packaged with television and broadband in triple-play bundles.

• Triple-play bundlesBundled telecommunications

  NOWO’s bundled proposition combines fixed internet, television and telephone services, with mobile services also available in the wider portfolio. This model reflects the company’s origins as a cable operator and its role as a challenger to Portugal’s larger integrated telecommunications groups.

• 2016NOWO rebrand

  Portugal

  Cabovisão launched the NOWO identity and a revised strategy in September 2016, replacing the legacy consumer brand with a shorter, contemporary name.

  Outcome. The rebrand established NOWO as the consumer-facing telecommunications brand while the underlying business continued its fixed, television and mobile operations.

  Source

• 2024Digi agreement to acquire CabonitelM&A

  Digi Communications sought to expand its telecommunications presence in Portugal through the acquisition of the holding company associated with NOWO.

  What changed. Digi entered into a share purchase agreement with Lorca JVCO Limited for 100 percent of Cabonitel’s issued shares.

  Aftermath. NOWO became associated with Digi Communications, subject to the transaction’s customary adjustments and contingent events.

  Transaction valuation. EUR 150 million valuation (August 2024 announcement)

  Source
• 2022Proposed Vodafone Portugal acquisitionM&A

  Vodafone Portugal announced an agreement to acquire NOWO through an arrangement with Lorca JVCO Limited.

  What changed. Vodafone submitted the proposed transaction for regulatory consideration.

  Aftermath. ANACOM did not approve the acquisition as presented and required new remedies or abandonment of the operation.

  Source
• 2016Rebrand Cabovisão as NOWOStrategy

  The operator sought a new identity and strategy after changing ownership and operating in a highly competitive Portuguese telecommunications market.

  What changed. Cabovisão presented the NOWO name and brand identity on September 13, 2016.

  Aftermath. The NOWO brand became the consumer identity for the company’s telecommunications services.

  Source

• 2024Digi Communications agrees to acquire Cabonitel

  Digi Communications entered into a share purchase agreement in August 2024 to acquire all issued shares of Cabonitel from Lorca JVCO Limited at a valuation of EUR 150 million, subject to adjustments and contingent events.

  M&A
  Source
• 2022Vodafone Portugal announces agreement to acquire NOWO

  Vodafone Portugal announced an agreement to acquire NOWO from Lorca JVCO Limited. ANACOM did not approve the transaction as presented and required further remedies or withdrawal.

  M&ARegulation
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• 2019MásMóvil and GAEA receive authorization to acquire Cabonitel

  Portugal’s Competition Authority authorized MásMóvil and GAEA Inversión to proceed with the acquisition of Cabonitel, the holding company associated with NOWO and ONI.

  M&ARegulation
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• 2016Cabovisão is rebranded as NOWO

  The company presented its new identity and strategy on September 13, 2016, adopting the NOWO brand.

  Campaign
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• 2015Cabovisão and ONI are sold to Apax France

  Altice sold Cabovisão and ONI to Apax France in September 2015 as part of competition remedies associated with Altice’s acquisition of Portugal Telecom.

  M&ARegulation
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• 2012Cabovisão is acquired by Altice

  Altice acquired Cabovisão in February 2012, adding the Portuguese cable operator to its telecommunications portfolio.

  M&A
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• 2006Cabovisão is acquired by Cogeco

  Canadian operator Cogeco acquired Cabovisão from the Telemax BV structure in a transaction reported at approximately EUR 465 million.

  M&A
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1. Nowo