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)

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