Oi approves sale of Portugal Telecom to Altice

Brazilian telco Oi has approved the sale of its shares in Portugal Telecom to France’s Altice for €7.4 billion.

In a statement announcing the move, Oi said it will transfer to Altice all the shares issued by Portugal Telecom for an enterprise value of €7.4 billion, adjusting for cash and debt and including an earn-out of €500 million related to future Portugal Telecom revenues.

The sale relates to Portugal Telecom’s operations in Portugal and Hungary, with Portugal Telecom’s investments in Africatel, Timor Telecom and Rio Forte Investments to be separated off.

The confirmation of the sale, made in accordance with Brazilian Securities and Exchange Commission rules, comes after Altice announced on November 30 that it had entered into exclusive talks with Oi about agreeing the purchase of the Portuguese assets of Portugal Telecom.