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Portugal Telecom's domestic assets sold for $8.4 billion as part of Brazilian merger

Associated Press
Published | Updated

LISBON, Portugal – Portugal Telecom shareholders have approved the sale of the company's Portuguese assets to France's Altice for 7.4 billion euros ($8.4 billion).

Portugal Telecom SGPS, SA said the sale was endorsed at a shareholder meeting Thursday.

PT merged with Brazil's Oi last year, with the Portuguese company holding a 25 percent stake in the new group. Oi wanted to pay down debt by selling the Portuguese assets it acquired in the merger.

Relations between Oi and PT have soured since the merger. Oi said it was not informed about a 900 million euros loan PT made to a company that went bankrupt.

PT has also locked horns with Portuguese regulators who briefly suspended trading in PT shares earlier this month, complaining the company had failed to disclose key information.