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Oi in Exclusive Talks with Altice

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Brazilian telco indicates it is looking for a higher offer for its Portuguese assets; to hold exclusive talks with French firm for 90 days.

Oi on Sunday announced that it has entered exclusive talks with Altice regarding the potential sale of its Portuguese assets.

France’s Altice was one of two parties to make an offer for the assets in early November, the other being a joint bid from private equity firms Apax Partners and Bain Capital, Oi noted in a statement to the market. It said it has continued talks with both with a view to improving their initial offers, and late last week its management board selected Altice as the best option.

“The selected offer will be further negotiated and a final offer will be submitted for corporate approvals of Oi and Portugal Telecom, as required for the potential sale of PT Portugal,” Oi said.

It did not give an indication as to the size of offer it is looking for.

Altice in November made a €7.03 billion bid for PT Portugal, while Apax/Bain’s offer came in at €7.08 billion. Original post at Total Telecom

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Wahengbam Rorrkychand

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