State-owned bank Caixa Geral de Depositos (CGD) is selling its 6.11% stake in incumbent operator Portugal Telecom.
Portugal’s largest financial institution has appointed Caixa BI and Credit Suisse as joint bookrunners for an accelerated bookbuilding…
State-owned bank Caixa Geral de Depositos (CGD) is selling its 6.11% stake in incumbent operator Portugal Telecom.
Portugal’s largest financial institution has appointed Caixa BI and Credit Suisse as joint bookrunners for an accelerated bookbuilding offer, worth around €198m based on PT’s current share price.
CGD expects to sell the 54.7m shares by the end of the day.
CGD said it is exiting the telco as part of its strategy to divest non-core assets.
PT’s stock has risen 7.5% since the start of the month following the announcement of its plan to merge with Brazilian operator Oi.
The companies signed an MoU that will remain in place until October 2014, but are aiming to complete the deal in H1 2014.
The deal will need the green light from Brazilian and Portuguese antitrust authorities, telecom regulators Anatel and Anacom, and securities and exchange commissions in Brazil, Portugal and the US, and the approval of both operators’ shareholders.
