Portuguese state-owned lender Caixa Geral de Depositos has confirmed that it will sell its 6.11% stake in Portugal Telecom (PT) as part of a wider strategy to divest its non-core assets. Based on the closing price of PT’s shares on Wednesday, the Wall Street Journal estimates the value of the stake at around EUR196.2 million (USD270.6 million). Caixa said it will sell the stock through a private offering. Caixa Banco de Investimento and Credit Suisse are acting as joint bookrunners for the offering.
Earlier this month PT announced its intention to merge with its Brazilian affiliate Oi SA, to form a new company based in Brazil. The deal is expected to close in 2014.