France’s Altice on Monday bought out Portugal Telecom — which had been owned by Brazil’s Oi — for 7.4 billion euros, the Brazilian company announced.
“Under the deal approved, Oi will sell to Altice all PT shares for the company’s value of 7.4 billion euros ($9 billion),” Oi said in a note to Brazilian regulatory authorities.
It said that Oi will receive an additional 500 million euros based on future PT earnings once in its new owners’ hands.
Lisbon-listed Portugal Telecom SGPS (PT SGPS) is the target of a 1.2 billion-euro ($1.48 billion) takeover offer by Angolan billionaire businesswoman and opponent of the Oi sale, Isabel dos Santos.
Her company Terra Peregrin is offering shareholders in PT SGPS 1.35 euros a share on condition that the Altice deal does not go through.