PT SGPS shareholders approve Oi’s sale of PT Portugal to Altice

23 Jan 2015

Brazilian telecoms giant Oi SA has confirmed that holding company Portugal Telecom SGPS (PT SGPS) – which holds a 39.7% direct/indirect stake in Oi (source: PT SGPS website) – has voted to approve the Brazilian group’s EUR7.4 billion (USD9.2 billion) sale of Portuguese operating unit PT Portugal Telecom SGPS (PT Portugal) to Altice Group of Luxembourg. The shareholder vote took place yesterday (22 January) in Lisbon; it was rescheduled from 12 January after questions relating to the transparency of the process were raised by Portugal’s securities market regulator, Comissao do Mercado de Valores Mobiliarios (CMVM).

According to TeleGeography’s GlobalComms Database, on 5 May 2014 the entire share capital of PT Portugal was contributed to Oi by PT SGPS, as part of a capital increase related to the ill-fated merger of the Brazilian and Portuguese telcos.