The merger between Portugal Telecom (PT) and Brazil’s Oi to create a new Brazil-based company called CorpCo, has been approved by the Brazilian National Communications Agency (Anatel), the Brazilian regulator said.
The aim of the merger is to create a large operator in the telecommunications markets of the Portuguese-speaking countries, whilst keeping the Oi brand in Brazil and phasing out the PT brand in Portugal.
Oi is currently the fourth player in the Brazilian mobile phone market, with a market share of 18.47 percent, behind market leader Vivo with 28.62 percent, TIM, with 27 percent, and Claro with 25.28 percent, according to Anatel’s latest figures.
The merger between Oi and PT was approved without restrictions by the Brazilian competition authority Conselho Administrativo de Defesa Económica (CADE) in January, as it said the merger would lead to no issues that affected competition in Brazil.
The two companies held extraordinary general meetings in their headquarters, in Lisbon and Rio de Janeiro, to approve the valuation of the assets that PT will bring to the Brazilian company in the merger. (macauhub)