Portugal Telecom SGPS to vote on PT Portugal sale on 12 January

15 Dec 2014

Portugal Telecom SGPS (PT SGPS) has called a shareholder meeting for 12 January to vote on Altice Group’s EUR7.4 billion (USD9.2 billion) bid for PT Portugal SGPS (‘PT Portugal’), the holding company which contains the Portugal Telecom Group’s domestic assets. Earlier this month Brazilian telco Oi SA confirmed that its board of directors had approved plans to sell PT Portugal to Altice Portugal, a wholly owned subsidiary of Altice Group of Luxembourg.

Oi has owned 100% of PT Portugal since May this year, while PT SGPS currently claims a 39.7% direct/indirect stake in Oi (source: PT SGPS website), and reportedly has the power to veto the deal with Altice. According to a statement released by the Portuguese firm, the takeover offer will be the sole item on the agenda at the 12 January meeting.