Portugal Telecom to decide Altice/Oi deal on Jan 12

Portugal Telecom has called a general shareholder meeting for January 12 2015, to vote on Altice’s planned acquisition of the company from Brazilian operator Oi.

Portugal Telecom completed its merger with Oi in April this year, and earlier this month, Altice entered into exclusive talks with Oi to acquire these Portuguese operations for $9.2 billion. 

As the largest shareholder in Oi, with a 25.6% stake, Portugal Telecom shareholders will need to approve the deal before it can move forward. 

In a statement yesterday, Portugal Telecom said that the sole purpose of the meeting in January would be “to analyse, under the proposal of Oi, the sale of the whole share capital of PT Portugal to Altice and to deliberate on its approval”.

If approved, the deal for Portugal Telecom will strengthen Altice’s position in the Portuguese market, where it also owns cable businesses Cabovisao and Oni.

The Portuguese operator is also under offer from Angolan billionaire Isabel dos Santos for €1.2 billion, but Portugal Telecom has said that the price offered is too low.