December 8, 2014 / 9:45 PM / 5 years ago

Board of Brazil's Oi approves sale of Portugal assets to Altice

SAO PAULO, Dec 8 (Reuters) - The board of Brazilian telecommunications company Grupo Oi SA on Monday approved the sale of its Portuguese assets to France’s Altice SA for 7.4 billion euros ($9.1 billion).

Lisbon-listed holding company Portugal Telecom SGPS SA owns a 25.6 percent stake in Oi, which now holds Portugal Telecom’s operating assets in Portugal after a merger between the two companies. Oi agreed to separate the assets for the sale from Portugal Telecom’s investments in Africatel GmbH, Timor Telecom SA and Rioforte Investments, Oi said in a securities filing.

$1 = 0.8125 euros Reporting by Guillermo Parra-Bernal; Editing by James Dalgleish

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