Saudi Telecom, Altice end talks over Altice Portugal deal: Report

LISBON: STC Group and telecoms tycoon Patrick Drahi have broken off exclusive talks for Drahi’s Altice group to sell its Portuguese business to the Saudi telecoms company, online economic newspaper Eco reported on Friday.

The Eco report, citing two unnamed sources familiar with the talks, said STC had offered 8 billion euros ($8.66 billion) for Altice Portugal, but the last two weeks of discussions about the final price led to a breakdown in the negotiations.