Miguel Reis Venâncio

Nowo is the second-largest cable operator in Portugal, with more than 900,000 homes passed and 180,000 subscribers. It offers pay TV, internet access, fixed telephony services to consumers and now mobile services.

ONI is one of the leading telecoms operators in Portugal offering services dedicated to corporate customers.


Sector: TMT Investment date: 2016 Apax position: Majority Activity: MidMarket
Why did we invest?

Nowo is the second largest cable-operator in Portugal. ONI is the fourth largest BtoB network operator in Portugal.

How do we intend to create value?

The aim is to create an efficient B2B/B2C telecom operator in Portugal through the launch of a mobile offer as well as management and organisational improvements.


Nowo & ONI posted revenue of €118m in 2016 in line with expectations. More important, the company has completed its operational relaunch thanks notably to the success of the new mobile offer launched in April 2016 and the rebranding as Nowo in September 2016. The Nowo brand aims at shaking up the Portuguese cable television market with a disruptive “build your own bundle” approach combined with a revamped product range including new set top boxes, a new user interface and a state of the art TV platform.