Merrill Lynch to coordinate sale of Telemig and Amazonia Celular

5 Feb 2007

According to reports from Telecompaper, Brazilian mobile operators Telemig and Amazonia Celular have contracted Merrill Lynch to coordinate their search for a buyer. Mem Celular Participacoes, the company that indirectly controls the two operators, told the Sao Paulo Stock Exchange that Merrill Lynch will be asked to prepare ‘studies and adopt processes aiming for the evaluation of alternative strategies relative to their investments in Telemig Celular and in Amazonia Celular’. The sale is expected to be completed in 1H 2007, with Claro and Vivo seen as the companies most likely to participate.