PT Buys 25% Oi Stake For $5B
Portugal Telecom has acquired a 25.28% stake in Brazilian telecoms group, Telemar Norte Leste for $5 billion.
Portugal Telecom (PT) has acquired a 25.28% stake in Brazilian telecoms group, Telemar Norte Leste (Oi), for $5 billion, The Wall Street Journal reports. The transaction includes a 25.6% stake in Telemar Participacoes, the holding group that controls Oi. PT’s investment in Oi comprises a 35% stake in Telecom Participacoes, a 35% stake in LF Tel, a 12.07% stake in TmarPart, a 10.49% stake in TNL and a 9.43% stake in TMAR. As part of PT and Oi’s agreement, Oi may also buy a stake of as much as 10% in PT, adds Bloomberg.
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