Brazil’s competition regulator Cade has given local operator Oi permission to merge with its transatlantic partner Portugal Telecom (PT).
The antitrust watchdog affirmed its previous decision to approve the transaction without restrictions, after…
Brazil’s competition regulator Cade has given local operator Oi permission to merge with its transatlantic partner Portugal Telecom (PT).
The antitrust watchdog affirmed its previous decision to approve the transaction without restrictions, after the deadline for third parties to lodge appeals against the deal expired with no objections.
It had initially green-lit the deal on 14 January. The merger was agreed in October and had been expected given that PT is already Oi’s largest shareholder and the companies have been working closely together.
The deal required approvals from the Brazilian and Portuguese antitrust authorities, telecom regulators Anatel and Anacom, and securities and exchange commissions in Brazil, Portugal and the US. The operators aim to complete the deal in H1 2014.
Earlier this week Zeinal Bava, who will lead the merged company, was quoted as saying that the completion of the transaction will take place at the end of April or some time in Q2.
The companies have estimated that they could generate US$2.5bn in synergies.