World Economy

Telecom-Oi Merger

Telecom-Oi MergerTelecom-Oi Merger

France’s Altice 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, AFP said. It said that Oi will receive an additional 500 million euros based on future PT earnings once in its new owners’ hands.