Pursuant to Rule 13a-16 or 15d-16 of the
1069 - 300 Lisboa, Portugal
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
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Portugal Telecom announces the sale of Lusomundo Serviços
Lisbon, Portugal, 28 February 2005 - Portugal Telecom, SGPS, S.A. (PT) announces that its Board of Directors approved today the sale by PT Group of Lusomundo Serviços, SGPS, S.A., including the 80.91% shareholding in Lusomundo Media, SGPS, S.A., through the execution of a promissory sale and purchase agreement with Controlinveste, SGPS, S.A.
The sale is conditional upon the non-opposition of the Portuguese Competition Authority (“Autoridade da Concorrência”), following a binding opinion of the Portuguese Media Authority (“Alta Autoridade para a Comunicação Social”).
The transaction assumes an enterprise value of Euros 300.4 million for 100% of Lusomundo Serviços SGPS, S.A. and 100% of all of its subsidiaries.
With a view to simplify the acquisition, prior to closing, PT will sell the 5.94% stake directly held in Lusomundo Media, SGPS, S.A. This stake was acquired from Fidelity Investments in 16 October 2003 for a consideration of Euros 9 million.
The proceeds for PT Multimedia will be equivalent to Euros 173.8 million, of which Euros 10.1 million will be paid to PT for the acquisition of the above mentioned 5.94% direct shareholding in Lusomundo Media, SGPS, S.A.
This information is also available on PT’s IR website http://ir.telecom.pt.
Contact: Nuno
Prego, Investor Relations Director
[email protected]
Portugal Telecom
Tel.: +351 21 500 1701
Fax: +351 21 500 0800
Portugal Telecom is listed on the Euronext and New York Stock Exchanges. Information may be accessed on the Reuters under the symbols PTCO.IN and PT and on Bloomberg under the symbol PTC PL.
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PORTUGAL TELECOM, SGPS, S.A.
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| By: |
/S/
Nuno Prego
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Nuno Prego
Investor Relations Director
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