Merger between Portugal Telecom and Brazil’s Oi moves closer to finish line

11 March 2014

The Portuguese National Communications Authority (Anacom) has handed in its opinion report to the Competition authority (Autoridade da Concorrência – AdC) on the merger between the Portugal Telecom group and Brazil’s Oi, the Portuguese press reported.

The content report has not been officially released but Portuguese financial daily Diário Económico said Monday that the Portuguese regulator was unlikely to have raised an objection to the merger as it makes no changes to the Portuguese market.

Although Anacom’s report is not binding it is one more of the official steps required for the deal to go through. Shareholders of PT and Oi are due to meet on 27 March at a general meeting to decide on a proposed capital increase and the valuation of PT’s assets.

The merger between the two companies is intended create a large telecommunications operator within the Portuguese-speaking world. In Portugal the Portugal Telecom brand will be phased out and be replaced by MEO. (macauhub)