Previ looking to sell Brasil Telecom stake to TI

15 Jul 2005

According to local newspapers, Brazilian pension fund Previ is planning to sell its shares in Brasil Telecom to Telecom Italia (TI), provided the price is 20% above what TI agreed to pay to minority shareholder the Opportunity Group in April for its stake. TI said it would buy Opportunity’s stake in the operator for EUR341 million (USD412 million) but the sale was successfully challenged by Citigroup and has been stalled. Previ has not revealed any more details on the prospective sale.

Brazil, Brasil Telecom (BrT), Telecom Italia (TIM)