Portugal Telecom will pay around $5 billion for a 22% stake in Brazilian telecom group, Telemar Norte Leste, Bloomberg reports. The Portuguese company will also sell around 10% of its stake to Telemar, which operates under the Oi brand. The Lisbon-based company will also have a 12.1% stake in Oi’s holding company, Telemar Participacoes, adds The Wall Street Journal. Oi will account for over 50% of the Portuguese company’s revenue.

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