Telmex ups stake in Embratel

8 Nov 2006

Mexican telecoms behemoth Telmex has acquired BRL1.68 billion (USD786.5 million) worth of shares in its Brazilian long-distance phone unit Embratel, as part of a plan to consolidate control of the company. The Mexican firm bought 3.63 billion voting shares and 234.76 billion preferred shares in an auction in Sao Paulo. Prior to the transaction, Telmex owned 97% of the voting shares and 45% of the preferred shares of Embratel, Brazil’s largest long-distance phone operator.

Brazil, Telefonos de Mexico (Telmex)