MADRID, Spain-Telefonica and Portugal Telecom have agreed to combine their mobile ventures in Brazil through a $10 billion strategic joint venture. The venture will combine the two companies’ existing mobile-phone assets in Brazil, currently representing 9.3 million customers.
Brazil is gearing up for an auction of nine personal communications services licenses at the end of the month. The auction is expected to be a catalyst for dramatic consolidation within the Brazilian mobile-phone market.
Although the companies did not say whether they would combine forces for the auction, a Telef
