Apax Partners LLP and Bain Capital Partners LLC made a 7.075 billion-euro ($8.8 billion) joint offer for Oi SA’s Portuguese phone-carrier assets, starting a bidding war with billionaire Patrick Drahi’s Altice SA.

The two private-equity firms’ offer, disclosed by Oi today, is 50 million euros higher than Drahi’s (pictured). Each of the rival bids includes two sets of 400 million-euro deferred payments that depend on how the assets perform, and they exclude business in Africa and an investment in defaulted debt.

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