Govt: we will only intervene in PT sale to prevent break-up

24 Nov 2014

The Portuguese government will only get involved in Oi SA’s sale of Portugal Telecom (PT) if there is a risk that the telco could be broken up, the economy minister confirmed late last week. Antonio Pires de Lima told journalists: ‘The government is following developments with interest, but we don’t intend to interfere in the process because, frankly, any kind of intervention by the state would only be justified if there is a risk of [breaking up the company].’

As previously reported by TeleGeography’s CommsUpdate, earlier this month Oi received a takeover bid of EUR7.025 billion (USD8.797 billion) from Luxembourg-based Altice Group for the ‘PT Portugal Telecom SGPS’ (‘PT Portugal’) holding company. Oi has also received a competing EUR7.075 billion offer from private equity firms Bain Capital and Apax Partners, but favours the Altice deal as the private equity duo are said to be keen to negotiate two separate EUR400 million deferred payments, which depend on the business’ future performance.

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