France's Altice buys Portugal Telecom for €7.4bn
Portugal Telecom
Sao Paulo - AFP
France's Altice on Monday 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.
It said that Oi will receive an additional 500 million euros based on future PT earnings once in its new owners' hands.
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