Oi agrees deal to acquire BrT for USD4.6bn, paper says

28 Mar 2008

Brazilian telecoms operator Telemar Participacoes, which trades under the brand name Oi, has formally agreed terms to acquire rival operator Brasil Telecom (BrT) for around BRL8 billion (USD4.6 billion) reports Bloomberg citing an unconfirmed article in the local newspaper Folha de S. Paulo. The paper, which does not disclose where it obtained the information, says all the major concerns of BrT’s shareholders, including those of Citigroup and Opportunity Asset Management have now been resolved. The takeover requires both a change in the country’s telecoms law and regulatory approval if it is to go ahead. Last month Telemar, which controls Brazil’s largest fixed line telephony operator by subscribers, announced it would pay up to BRL5.2 billion for a controlling stake in BrT, which is based in Brasilia.

Brazil, Brasil Telecom (BrT), Oi