Portugal Telecom and Brazilian fixed and mobile operator Oi are still trying to thrash out the finer points of a deal whereby PT will take a 22.4% stake in Oi. Oi in turn will acquire a 10% stake in PT.
The PT deal followed the Iberian company’s exit…
Portugal Telecom and Brazilian fixed and mobile operator Oi are still trying to thrash out the finer points of a deal whereby PT will take a 22.4% stake in Oi. Oi in turn will acquire a 10% stake in PT.
The PT deal followed the Iberian company’s exit from a JV with Spain’s Telefonica in Vivo, Brazil’s top mobile operator. The Portuguese telco will acquire its stake in Oi for approximately US$4.96bn. It had received US$10.5bn for its 50% stake in Vivo from Telefonica in July.
PT wanted to remain in the Brazilian market and sought an alliance with Oi.
Earlier this week, Brazilian telecoms regulator Anatel approved the deal, with the caveat that both companies must pay outstanding fees and fines to Fistel, Brazil’s telecoms consumer watchdog.
The two companies were supposed to have closed the deal on October 31, but negotiations will now continue until January 31, 2011 in order to establish the nature of the new partnership, according to Oi.
