Telemar's acquisition of Brasil Telecom nearing completion?

8 Feb 2008

Telemar Participacoes, holding company of Oi, revealed in a statement to the stock market yesterday it is not considering a merger with rival telco Brasil Telecom, but rather a buyout. It said that it is discussing a price tag of BRL4.5 billion to BRL5.2 billion to acquire rival telco Brasil Telecom. Telemar added that no agreement has yet been reached. The transaction depends on a presidential decree allowing the same company to own two public telephony concessions. However, local press reports that suggest a deal may be reached soon and a memorandum of understanding (MoU) signed as early as the beginning of next week

Brazil, Brasil Telecom (BrT), Oi