Altice has signed an agreement with CTT and paid the agreed initial sum worth 15 million
Altice and CTT has formalized the partnership agreement It aims to optimize synergies between the post office and PT Portugal. The new owner of Meo has also carried out the initial payment set out in the memorandum signed in 2014, worth 15 million euros.
Altice and CTT already realized the partnership agreed last year, which provides optimal partnerships between the post office and PT Portugal. The information was released Wednesday by CTT, during the presentation of the accounts for the first half of the year.
In November 2014, CTT signed a memorandum of understanding with Altice, which provided leverage synergies between companies, if the French group won the race of the owner of Meo.
In this follow-up after the Altice have won the race and took over the management of PT Portugal on June 2, the companies have formalized this month and the agreement “has already been paid to CTT, in July 2015, the contractually agreed initial sum”, says the company led by Francisco Lacerda (pictured).
According to the statement disclosed by CTT in November 2014, with the purchase of PT Portugal by Altice, CTT will receive an initial payment of 15 million euros, which will be reinforced by more 15 million subject to the achievement of the Framework Agreement referred to “. The details of practical application of this partnership are not yet known.
CTT further state that this agreement will be implemented during the second half of the year, through partnerships “value-generating specific business for both companies.”
However, the Post Office raises the veil and point out some examples of the future partner as “joint optimization of retail networks, leveraging the scale and reach of the network CTT, the development of joint business in the area of electronic commerce and Physical and digital convergence as well as value creation opportunities within the financial services and the Postal Bank.
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