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Oi completes sale of PT Portugal to Altice

Brazilian operator Oi has completed the sale of its Portuguese operations PT Portugal to Altice.

Oi agreed to sell the Portuguese assets of Portugal Telecom to Altice for approximately €7.4 billion in December 2014. 

Altice Portugal paid €5.789 billion for the acquisition of PT Portugal, of which €4.92 billion were paid in cash to Oi and €869 million was allocated to paying off PT Portugal’s debts. 

"The final purchase price is subject to post-closing adjustments to be calculated within the next months as a result of changes in the cash, indebtedness and working capital positions on the closing date," said Oi.

Oi had planned to merge with Portugal Telecom in 2014 but the tie-up has met with stumbling blocks such as financial irregularities over the Portuguese operator's dealings with its largest bank investor Banco Espírito Santo.