Portugal Telecom sold to conglomerate

Portugal Telecom sold to conglomerate

September 4, 2017

Portugal Telecom sold its 32.2% stake in Meidtel on Tuesday, for a total profit of 400 million Euros, to a large group of companies that are located in Morocco.

The company released an official press statement later in the day that confirmed the transaction had occurred as outlined in a joint agreement with Telefonica, which also agreed to sell its 32.2% stake in the company.

Telefonica stated that the deal should be finalised and over by the end of 2017, when regulatory approval is granted on the sale.

The new buyers of the Telefonica stake are Fipar Holding, FinanceCom , and RMA Watanya.

Fipar Holding is one of the main financers of the government while the two other companies are owned privately by Othman Benjelloun.

Chief Executive Officer of Portugal Telecom, Zeinal Bava stated that his company would get about 270 million Euros from the sale after tax, which would help give the company flexibility and a better looking balance sheet as it continues to develop internationally.

timyeo

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