Mergers and Acquistions News
Categories: Telecoms
January 26th 2011, 16:57PM
Portugal Telecom (PT) says it has signed agreements that will see it acquire a 22.38 per cent direct and indirect stake in Oi, the largest landline business in Brazil, for 8.32 billion reais (about £3.1 billion).
Under the terms of the deal, PT will also acquire a 12.7 per cent stake in Oi's Telemar Participacoes division, as well as 35 per cent stakes in its AG and LF units.
Additionally, Oi has indicated an intention to buy up to a ten per cent stake in PT.
"With the signing of these agreements in connection with this strategic investment, PT will continue to benefit from scale and geographic diversification in high-growth markets," the firm said in a statement.
The transaction is expected to close by the end of March this year.
This deal heralds PT's return to the Brazilian telecommunications market - its last business move in the region was to sell its 50 per cent stake in the holding company of major Brazilian mobile firm Vivo, Brasilcel, to Telefonica for 7.5 billion euros.
Related News
Categories
- BPO (32)
- Hardware (118)
- IT Services & Consulting (227)
- Media & Information Services (167)
- Semi-Conductors (77)
- Software (230)
- Telecoms (331)
Archive
- May 2012 (0)
- April 2012 (0)
- March 2012 (0)
- February 2012 (0)
- January 2012 (1)
- December 2011 (20)
- November 2011 (20)
- October 2011 (20)
- September 2011 (20)
- August 2011 (20)
- July 2011 (20)
- June 2011 (21)