Oi Buys $303M Portugal Telecom Stake
Brazilian telecom company, Tele Norte Leste Participacoes, has bought a 3% stake in Portugal Telecom .
Brazilian telecom company, Tele Norte Leste Participacoes (Oi), has bought a 3% stake in Portugal Telecom (PT), The Wall Street Journal reports. The Rio de Janeiro-based company acquired the stake from Barclays.
The London-based lender will transfer around 27 million shares, worth about $302.9 million, to Oi until April 4. In January, PT finalized a deal worth $5 billion, under which Oi will buy up to 10% of the Portuguese telecom and PT will own at least 22.38% of Oi and a 12.1% stake in Oi’s holding company.
Click here for the story from The Wall Street Journal.