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Portugal: Oi agrees on Altice buyout bid

 |  December 7, 2014

Brazil wireless firm Oi has reportedly agreed to an offer proposed by Altice to acquire Oi’s Portuguese assets, unnamed sources have revealed.

France-based Altice is said to have offered $9.2 billion to acquire assets gained through its troubed merger with Portugal Telecom. Experts say funds gained from a deal with Altice could be used to reduce Oi debts reportedly taken on without knowledge through its acquisition of Portugal Telecom.

The companies first launched exclusive merger talks on December 1; Altice had competed with Apax Partners and Bain Capital to acquire the assets, say reports.

The move is only the latest buyout for Altice. The company won a high-profile bidding war in October to acquire French wireless operator SFR for $23 billion. Last June the company inked a deal to acquire smaller rival Virgin Mobile in France.

Full content: Businessweek

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