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Friday, October 24, 2014

PE groups Apax, Bain consider bid for Portugal Telecom - FT, (NYSE: OIBR), (NYSE: OIBR-C)

Private equity groups including Apax Partners LLP and Bain Capital are planning to bid for Portugal Telecom from Brazilian telecommunications company Groupo Oi SA, the Financial Times reported. Groupo Oi said earlier that it has been approached by several groups for purchase of Portugal Telecom, including France's Altice, which is backed by billionaire Patrick Drahi.A sale of Portugal Telecom, worth around 7 billion euros ($8.87 billion) will help Brazil's Oi to pay down its heavy debt, the newspaper said, citing sources. (, which merged with Portugal Telecom last year, was planning to sell its assets, the company said in October.Apax and Bain declined to comment. (1 US dollar = 0.7893 euro) (Reporting By Rishika Sadam in Bangalore)

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 7.56% or $0.031/share to $0.44. In the past year, the shares have traded as low as $0.40 and as high as $1.97. On average, 12062500 shares of OIBR exchange hands on a given day and today's volume is recorded at 5535153.

Shares of OIBR-C traded higher by 1.95% or $0.0086/share to $0.45. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 474500.