Luxembourg-based cable TV and mobile service operator Altice has agreed to buy Brazilian Oi’s assets in Portugal.
The 7.4 billion euro deal allows Altice to add mobile phones to its existing Portuguese cable TV business, but also represents a step back from the European market for Oi, which bought Portugal Telecom in 2013 to better compete against rivals like Telefonica.
It was in the process of merging the two companies.
This will now go into reverse if Portugal Telecom shareholders approve the deal.
The merger is the latest in a series of deals consolidating Europe’s telecoms market.