Brazil’s Administrative Council for Economic Defence (CADE), the country’s competition regulator has unconditionally approved the merger between telecommunications operators Portugal Telecom (PT) and Oi, according to a decision published Tuesday in Brazil’s official newspaper Diário Oficial da União do Brasil.
PT and Brazil’s Oi announced their merger last October and CADE was notified of the move at the end of December.
According to the operators, combining the assets of both companies will bring together 100 million customers. The merger will create a single company, temporarily called CorpCo based in Rio de Janeiro, which will be listed on the New York, Sao Paulo and Lisbon stock exchanges.
Brazilian telecoms company Oi operates in the fixed, mobile, Internet and paid television segment and currently owns 10 percent of PT via its subsidiary Telemar Norte Leste. (macauhub)