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Oi approves PT Portugal sale to Altice
2014-12-09 09:14:00| Telecompaper Headlines
(Telecompaper) Brazilian operator Oi's board has approved the sale of PT Portugal to Altice. A week after agreeing exclusive talks with Altice, Oi agreed to the price of EUR 7.4 billion plus up to EUR 500 million based on the company's future revenue. Final approval of the sale will still depend on approval from shareholders of Portugal Telecom. The deal sees Oi left with only PT's assets outside Portugal, mainly in Africa and East Timor, as well as its debts, including what is owed to the company by Rio Forte, the bankrupt subsidiary of Espirito Santo. The Brazilian operator is expected to use the proceeds from selling the Portuguese assets for reducing debt and participating in the consolidation underway in the Brazil market.
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Category:Telecommunications