Telmex inks USD400 million deal for Embratel

26 Jul 2004

Mexican incumbent Telmex has completed the USD400 million acquisition of a controlling stake in Brazilian telco Embratel from US-based MCI (formerly WorldCom). Telemex has purchased 51.7% of the operator’s ordinary shares and 19.2% of its total equity. Under Brazilian law, it now has 30 days in which to conduct a public tender to buy out the remaining stock for a minimum of 80% of the price paid to MCI.