Altice Group linked with bid for Portugal Telecom

6 Oct 2014

Luxembourg-based international telecoms firm Altice Group, which is controlled by French billionaire Patrick Drahi, is interested in putting together a bid to buy a strategic stake in Portugal Telecom (PT) from Brazilian telco Oi. According to a series of unconfirmed media reports, talks between Altice, Oi and PT have intensified in recent days, and an official announcement could be made after the second round of Brazilian elections conclude; votes are scheduled to take place on 26 October. The precise details of the deal remain hazy, but it is believed that the reports originated with a US publication that specialises in corporate and debt restructuring.

TeleGeography notes that any transaction involving the Portuguese firm is likely be complicated by Oi’s existing shareholder pact with PT. In October 2013 the two companies announced that they would combine their operations to form a new Brazil-based company in order to strengthen the Brazilian firm and simplify its ownership structure, while also helping to shore up PT’s operations in its domestic market.

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