LISBON, Portugal-Portugal Telecom announced a contract with Telefonica International to swap Portugal Telecom’s stake in Brazil’s Telesp Particpacoes, a fixed-line carrier, for Telefonica’s stake in Telesp Celular Participacoes, a mobile carrier.
The contract calls for the swap of Telefonica’s 35.8-percent direct and indirect stake in Portelcom Participacoes, which holds ordinary shares in Telesp Celular, for Portugal Telecom’s 23-percent indirect stake in SP Telecomunicacoes Holding. Portugal Telecom also will receive about $59.9 million.
Portelecom and SP Telecomuncacoes are the companies through which Portugal Telecom and Telefonica acquired control of the Brazilian assets in the Telebras auction in 1998.
Portugal Telecom’s economic interest in Telesp Celular will increase from 29.9 percent to 35.5 percent.
The swap is pending approval from telecom regulator Anatel.
