State-owned bank Caixa Geral de Depositos (CGD) has sold its 6.11% stake in incumbent operator Portugal Telecom for €190.6m, or €3.48 per share.
The sale, via an accelerated bookbuilding offer managed by Caixa BI and Credit Suisse, came at a…
State-owned bank Caixa Geral de Depositos (CGD) has sold its 6.11% stake in incumbent operator Portugal Telecom for €190.6m, or €3.48 per share.
The sale, via an accelerated bookbuilding offer managed by Caixa BI and Credit Suisse, came at a discount of 2.8% on yesterday’s closing share price of €3.58.
Portugal’s largest financial institution said it was selling the 54.7m shares 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 mergerwill 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.
