Altice announces EUR1bn share buyback, closes PT purchase

3 Jun 2015

Shareholders at the annual general meeting of Luxembourg-based telecoms investment group Altice have approved the buyback of EUR1 billion (USD1.1 billion) of shares over a three-year period. Shareholders representing 83.45% of the company’s capital were present at the meeting.

Separately, Altice has announced the completion of its EUR7.4 billion (USD8.3 billion) purchase of PT Portugal from Brazilian telecoms group Oi SA. As reported by TeleGeography’s CommsUpdate last month, the European Commission (EC) approved the acquisition of the Portuguese fixed and mobile telecoms operator, conditional upon the divestment of Altice’s current Portuguese businesses, Onitelecom (Oni) and Cabovisao. PT Portugal operates under the ‘MEO’ name in Portugal’s fixed and wireless sectors, currently holding approximately 48% market shares in both the mobile and fixed broadband sectors, according to TeleGeography’s GlobalComms Database.