Brazil’s Oi sells PT Portugal to French group Altice

1 December 2014

Brazilian group Oi has selected the proposal to buy PT Portugal presented by French group Altice, Portuguese financial daily newspaper Diário Económico reported.

The newspaper also said that Altice had increased the original proposal of 7.025 billion euros to 7.4 billion euros to acquire PT Portugal.

The proposals out forward by investment funds Apax, Bain and Portuguese company Semapa have therefore been rejected.

Negotiations between the Altice and Oi are expected to take place this week in order to set the details of the deal, which must be approved at the general meeting of shareholders of Portugal Telecom SGPS and approved by the regulatory bodies.

Altice is a telecommunications and triple play cable TV / fixed line and Internet group with business in France, Israel, Belgium, Luxembourg, Portugal (through Cabovisão for individual customers and Oni for business customers), the French West Indies, the Dominican Republic and Switzerland. (macauhub/BR/PT)