By Rogerio Jelmayer

SAO PAULO-Brazilian telecom giant Oi SA (OIBR4.BR) confirmed Monday that it had received a proposal from Luxembourg-based Altice SA (ATC.AE) to buy PT Portugal, and said the Brazilian company's board will evaluate the offer.

Oi, however, didn't unveil a timetable for the board to conclude its evaluation.

Earlier Monday, Altice said it has made a binding offer to buy PT Portugal from Oi SA, valuing the Portuguese telecom business at EUR7.03 billion ($8.8 billion).

The offer is for the Portuguese assets of former state monopoly Portugal Telecom, but excludes Portugal Telecom's Rio Forte debt securities, Oi treasury shares and Portugal Telecom financing vehicles, Altice said in a statement.

Altice said the offer values the assets at an enterprise value of EUR7.03 billion on a cash and debt-free basis. If the offer is accepted, the deal would be financed with new debt and existing cash from Altice, the group said.

Ruth Bender contributed to this article.

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