Saudi Arabia’s telecoms giant stc is in talks to buy Portugal’s Meo,
a unit of Altice Portugal, for €7 billion, according to a Bloomberg News report.
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Altice Portugal has been considering various options for Meo, including a sale or an initial public offering.
Meo is the largest telecoms operator in Portugal, with a market share of about 40%.
stc is seeking to expand its presence in Europe through the acquisition of Meo.
The company is the largest telecoms operator in the Middle East,
with operations in 17 countries around the world.
stc has previously acquired Kuwait’s Zain and Saudi Arabia’s Mobily.