PT to take full control of Prime

21 Jul 2003

Portugal Telecom [NYSE: PT] has revealed plans to buy the 12.5% stake it does not already own in its subsidiary PT Prime from Sociedade Interbancaria de Servicios (SIBS) for EUR39 million. Under the terms of the deal, SIBS must then use the proceeds from the sale to purchase shares in Portugal Telecom. PT Prime provides services to corporate wireline customers.