Oi-Portugal Telecom merger to focus on debt reduction, Bava says
RIO DE JANEIRO, Oct 2 (Reuters) - The combined entity formed by Portugal Telecom SGPS SA and Brazil's Grupo Oi SA will continue to focus on debt reduction as a key part of strategy, Zeinal Bava, the chief executive of the Brazilian company, said on Wednesday.
The combination will create a telecommunications company with about $17 billion in annual revenue and over 100 million customers. Shareholders of the Portuguese company will get a 38 percent stake in the combined company. Oi will control the rest of the new company.