News : Altice Finalises Acquisition of Portugal Telecom
Paris, France, June 2, 2015 -- Expanding telecom group Altice announce it had completed the acquisition of Portugal Telecom from Brazilian owner Oi.
Owner of French telecom Numericable-SFR, Altice said it had finalised the Portugal Telecom acquisition after European regulators cleared the deal April 1 on conditions that Altice sell its previous Portuguese holdings to address competition concerns.
The move marks the most recent expansion by Altice under the direction of Franco-Israeli billionaire Patrick Drahi.
On April 10 the Luxembourg-based company took a 70 percent stake in US cable company Suddenlink, after buying France's SFR in 2014.
Following shareholder approval to proceed with the purchase in January, Altice called the Portugal Telecom acquisition "excellent news... for investment, innovation, stockholders, employees and for Portugal."
Posted by Veronica Silva Cusi, news correspondent
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Altice is a multinational cable and telecommunication company that offers digital and analog television, mobile, DSL and data center services in France, Israel, Belgium, Luxembourg and the Dominican Republic, serving both residential and professional customers.
About Portugal Telecom:
Portugal Telecom (PT) is the largest telecommunications service provider in Portugal. Although it operates mainly in Portugal and Brazil, it has also a significant presence in Guinea-Bissau, Cape Verde, Mozambique, Timor-Leste, Angola, Kenya, the People's Republic of China, and São Tomé and Príncipe.
Published: Thursday, June 4, 2015