Brazil's fourth largest wireless company, Grupo Oi SA (Oi), has announced plans to sell 75% of its stake in Africatel Holdings BV.
Africatel operates as a holding company and provides telecoms services. It owns stakes in several African telcos including Angola’s Unitel SA.
According to Reuters, Oi's board of directors are said to be looking for a buyer.
Oi said one of its subsidiaries received a letter from partner Samba Luxco, which holds the remaining 25% of Africatel's shares, requesting the exercising of a put option to sell the minority stake, Reuters reports.
And according to a securities filing, Oi said selling its Africatel stake would allow the company to avoid arbitration to resolve the matter.
Africatel is a subsidiary of Portugal Telecom SGPS SA, the largest telecoms service provider in Portugal.
Africatel also operates in other African countries like Guinea-Bissau, Cape Verde, Mozambique and Kenya.
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