Bloomberg | March 29, 2011 | Crayton Harrison and Anabela Reis
Portugal Telecom SGPS SA (PTC) bought 25.3 percent of Brazilian carrier Telemar Norte Leste SA (TMAR5) for 8.32 billion reais ($5 billion), getting a bigger stake than Portugal’s largest phone company had originally planned to buy.
The stake was built through direct investments in the company and indirect positions in its biggest shareholders, Portugal Telecom said yesterday in a statement. The acquisition includes 25.6 percent of Telemar Participacoes SA, the group that controls the Brazilian phone carrier.
Portugal Telecom is investing in Oi, as Telemar Norte Leste is known, to tap growing demand for mobile-phone and Internet services in Brazil. The Portuguese carrier announced plans in July to buy a stake in Oi after selling its half of Vivo Participacoes SA, Brazil’s largest mobile-phone company. Portugal Telecom said Jan. 26 that it would buy at least 22 percent of Oi.
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