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Portugal: Authorities clear Portugal Telecom, Oi tie-up

By  |  March 20, 2014

Portugal Telecom’s efforts to merge with Brazilian counterpart Oi have progressed as Portuguese competition authorities have reportedly approved of the deal.

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    According to reports, the merger clearance was anticipated by both parties following Brazilian approval of the transaction last month.

    Small bondholders of Portugal Telecom have similarly signed-off on the deal, say reports. Oi is set to acquire up to $2.5 billion worth of Portugal Telecom shares and create a new company, dubbed CorpCo.

    While antitrust regulators have offered fairly swift approval of the deal, reports say some Oi minority shareholders criticized the transaction as one that favors larger shareholders.

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