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France’s Altice on Monday bought out Portugal Telecom — which had been owned by Brazil’s Oi — for 7.4 billion euros, the Brazilian company announced.
“Under the deal approved, Oi will sell to Altice all PT shares for the company’s value of 7.4 billion euros ($9 billion),” Oi said in a note to Brazilian regulatory authorities.
It said that Oi will receive an additional 500 million euros based on future PT earnings once in its new owners’ hands.