real-time news and commentary for investors
Wednesday, Oct 2
Portugal Telecom to merge with Brazilian affiliate
- Portugal Telecom (PT) has agreed to merge with Brazilian affiliate Oi SA (OIBR) in an all-stock deal that will create a company with 100M subscribers.
- PT shareholders will hold 38% of the new firm, to be temporarily called CorpCo. Oi CEO Zeinal Bava will head the company.
- The operators have a combined market cap of over $7B.
- PT +15.8%, OIBR +16.2% premarket (PR)