By Rogerio Jelmayer
SAO PAULO-Brazilian telecom giant Oi SA (OIBR4.BR) confirmed
Monday that it had received a proposal from Luxembourg-based Altice
SA (ATC.AE) to buy PT Portugal, and said the Brazilian company's
board will evaluate the offer.
Oi, however, didn't unveil a timetable for the board to conclude
its evaluation.
Earlier Monday, Altice said it has made a binding offer to buy
PT Portugal from Oi SA, valuing the Portuguese telecom business at
EUR7.03 billion ($8.8 billion).
The offer is for the Portuguese assets of former state monopoly
Portugal Telecom, but excludes Portugal Telecom's Rio Forte debt
securities, Oi treasury shares and Portugal Telecom financing
vehicles, Altice said in a statement.
Altice said the offer values the assets at an enterprise value
of EUR7.03 billion on a cash and debt-free basis. If the offer is
accepted, the deal would be financed with new debt and existing
cash from Altice, the group said.
Ruth Bender contributed to this article.
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