Oi completes sale of PT Portugal to Altice

03 June 2015 |

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.