EU greenlights Oi's PT Portugal sale to Altice
The European Commission, the executive arm of the EU, awarded Brazil's Oi a permit to sell off PT Portugal to Luxembourg-based Alticefor 7.4bn euros (US$7.9bn).
Altice can now acquire all shares currently held by Oi in PT Portugal, the operational division of Portugal Telecom SGPS, a holding which is in the process of merging with the Brazilian operator.
The European Commission's approval is conditional upon the sale, by Altice, of its Portuguese stakes in telecom operators Cabovisão and ONI.
In addition to selling PT Portugal, Oi is also said to be looking for buyers of African assets of Portugal Telecom.
Pension fund costs, accounting provisions and related expenditures from the sale of PT Portugal led Oi to post a loss of 4.41bn reais (US$1.46bn) last year.
NEW CORPORATE FINANCE OFFICE
In related news, Oi announced changes to its management structure. The company has created two new offices, the office of corporate finance and the office of financial administration, after the bundling of some internal departments.
The operator appointed Flavio Nicolay Guimarães to lead corporate finance and Marco Norci Schroeder to run the office of financial administration.
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