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Portugal Telecom shareholders approve PT sale to Altice

2015-01-23 09:10:00| Telecompaper Headlines

(Telecompaper) Shareholders of Portugal Telecom have approved the sale of PT Portugal to Altice. After earlier suspending the vote on the matter, the shareholders at their second gathering agreed to the sale proposed by Oi, which gained control of the Portuguese assets whent the two companies merged last year. Some shareholders had hoped the deal with Oi could still be undone, but Portugal Telecom warned it would only end up in a long court battle. Proceeds from the sale to Altice are expected to help Oi reduce its debt and participate in the consolidation udnerway in the Brazilian market. Portugal Telecom will be left as a holding company with a number of foreign assets, such as stakes in operators in Angola, East Timor and Macau. The sale of PT Portugal remains subject to regulatory clearance.

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Category:Telecommunications

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