Brazil's telecommunications regulator Anatel is likely to approve the new terms of a merger between Grupo Oi SA and Portugal Telecom SGPS SA , a source at the agency said on Wednesday. Under a new agreement, Portugal Telecom agreed to a smaller initial stake in a merged company and assumed the credit risk of a 897 million euros ($1.22 billion) debt investment it had not disclosed before the deal.
Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally. Shares of OIBR traded higher by 13.23% or $0.0899/share to $0.77. In the past year, the shares have traded as low as $0.63 and as high as $2.34. On average, 20297100 shares of OIBR exchange hands on a given day and today's volume is recorded at 30785628.
Portugal Telecom SGPS SA (Portugal Telecom) is a Portugal-based holding company primarily engaged in the telecommunications sector. Shares of PT traded higher by 1.53% or $0.039/share to $2.59. In the past year, the shares have traded as low as $2.46 and as high as $5.09. On average, 1325740 shares of PT exchange hands on a given day and today's volume is recorded at 1858983.
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