Altice signed a definitive agreement with Brazil-based Oi to buy the Portuguese assets of Portugal Telecom (PT Portugal) for €7.4 billion ($9.1 billion) on a cash and debt-free basis.
Altice has started exclusive negotiations with Brazil-based Oi to agree a €7.4 billion ($9.2 billion) acquisition of the Portuguese assets of Portugal Telecom (PT), fending off a rival €7.07 billion bid from private equity funds Apax and Bain, as well as a €1.2 billion offer from Angola-based investor Isabel dos Santos.
Telecom Italia's board on Friday gave clearance to the company's management to explore a tie-up between TIM Participacoes and Brazilian rival Oi, while also approving the sale of the company's towers in Brazil to American Tower Group.
Telecom Italia is close to announcing a deal to sell the mobile phone towers of its Brazilian business TIM Participacoes to American Tower, as chief executive Marco Patuano also continues to push for a tie-up with Brazilian rival Oi.
Telecom Italia on Monday denied reports that it plans to sell new shares to finance an acquisition in Brazil, as fresh reports state the company's board is preparing to discuss options for its subsidiary in the country.
Telecom Italia CEO Marco Patuano said the company's performance in the first nine months of the year showed "signs of change" on its domestic market, proclaiming that the operator has overcome a price war thanks to its focus on quality of service.
Altice has launched a fully financed €7 billion ($8.8 billion) offer to buy Portugal Telecom from Oi in a move that could also boost the Brazil-based group's plan to focus on a joint bid for Telecom Italia's TIM Brasil unit.
VimpelCom said it will continue to explore deals that would add value to its Italian mobile unit Wind, but confirmed that discussions so far have failed to reach a successful conclusion.
Telecom Italia plans to sell only part of its stake in Telecom Argentina and the rest once it has received regulatory approval for the full sale to Fintech, after agreeing to a request by the New York-based fund to amend the original sale agreement for the unit.
It's a frequently occurring rumour, but a new report suggests that Swisscom is in discussions on a possible deal for its Italian unit, Fastweb, with Vodafone regarded as a likely candidate to buy the broadband provider.