(MENAFN) According to local Portuguese media, French cable and telecommunications company Altice has made an offer for PT Portugal for USD8.75 billion, Xinhua reported.
PT holds almost USD1.12 billion in short-term debt defaulted by Espirito Santo's Rioforte Investments. Altice has been in talks with officials from Brazil's largest land line provider Oi in the past weeks.
The sale would put an end to the merger of Portugal Telecom and Oi, which has been ongoing since last year as Altice is trying to expand its presence in Europe through acquisitions.
"The assets include PT's activity outside Africa and exclude Rioforte debt, options of Oi assets and PT financial vehicles," Altice's chairman said in a statement.
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