Brazil: Altice goes after Oi after merger implodes

EU telco Altice is reportedly looking to acquire Brazil wireless operator Oi after its failed plans to merge with Portugual Telecom.

Reports say Altice has offered $8.8 billion to acquire Oi just weeks after it confirmed plans to seek buyouts in nations in which it is already present.

Meanwhile, Oi has been plagued with billions of dollars in mounting debt following its acquisition of Portugal Telecom. The company had earlier said it plans to sell some assets of that takeover.

Its merger with Portugal Telecom imploded earlier this year after Portugal Telecom shareholder Espirito Santo defaulted on more than $1.1 billion of debt owed to Portugal Telecom. Oi said it was unaware of these debts before it acquired the company.

Plans of an Oi takeover follow just days after Oi, along with America Movil and Telefonica Brasil, were reported to be planning a joint bid to acquire Brazilian wireless firm Tim as its current owner, Telecom Italia, looks to leave Brazil.

Full content: Reuters

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