Oi on Tuesday announced that it has closed the sale of Portugal Telecom to Altice.
The Brazilian operator late last year agreed to sell off the Portuguese assets of Portugal Telecom to French cable operator Altice for around €7.4 billion.
The firms this week said they had finalised the deal based on a sum of €5.789 billion, of which €4.92 billion was paid in cash to Oi and €869 million was allocated to repaying outstanding debt.
"The final purchase price is subject to post-closing adjustments to be calculated within the next months as a result of changes in the cash, indebtedness and working capital positions on the closing date," Oi said on Tuesday.
Oi had planned to merge with Portugal Telecom, but late last year it emerged that a number of companies were interested in the telco’s Portuguese assets, something that did not unravel the entire deal, but changed the focus for Oi, which reportedly needs the additional funds for acquisition plans in its home market.
As such, all eyes will be on Brazil, where Oi and Telecom Italia’s TIM are set to become the centre of consolidation talk once again.
