Brasil Telecom investor thrown out of investment fund

8 Oct 2003

Opportunity, the former fund manager of the CVC/Opportunity Fia investment fund which invests in Brazilian telco Brasil Telecom, has been ousted from the consortium, after shareholders in CVC yesterday voted to replace Opportunity with Banco do Brasil’s fund manager, BB DVTM. Although Opportunity is currently still in control of Brasil Telecom, if it is also removed from a sister fund, CVC/Opportunity Equity Partners, controlled by US-based Citibank, it could lose control of the telco altogether. Citibank has not commented on its plans.