Portugal Telecom shareholders approve €7.4 billion sale to Altice

Portugal Telecom’s shareholders have approved the €7.4 billion sale of Oi’s Portuguese assets to Altice.

The announcement ends weeks of uncertainty about the takeover, after a Portugal Telecom shareholder meeting scheduled for January 12 i was postponed

“Oi is satisfied with the outcome of the vote,” Oi’s CEO Bayard Gontijo said. “It’s the best thing for both companies. It’s the best thing for PT Portugal, which will continue providing services of excellence in Portugal, and for Oi to reduce its leverage.” 

97% of Portugal Telecom’s shareholders voted in favour of the sale at a meeting on Thursday in Lisbon. 

This marks Altice’s third major acquisition. Last year, it purchased French companies SFR and Virgin Mobile France.