Merger of Portugal Telecom and Brazil’s Oi concluded by October

16 May 2014

The merger of Portugal Telecom (PT) with Brazil’s Oi will be concluded by the end of October, said the chief financial officer of the Portuguese group, Luís Pacheco de Melo, during a meeting with analysts.

Questioned about the calendar of operations, Pacheco de Melo noted that there were still four steps to go through to conclude the operation and that the last one, the incorporation of Portugal Telecom in CorpCo, “should occur between September and October next.”

The merger between Portugal Telecom and Oi was announced in October 2013 and, according to the specified schedule, will take a year to be concluded.

Meanwhile, the PT group Thursday announced a loss of 15 million euros due to the cost of the merger as well as exchange rate effects and fewer foreign revenues, and in the same period – between January and March – Oi’s profits fell to US$102 million. (macauhub/PT/BR)