Vivo completes Telemig purchase

4 Apr 2008

According to a report from Thomson Merger News Vivo Participacoes, a joint venture of Spanish telecoms operator Telefonica and Portugal Telecom, has formally completed the purchase of a controlling stake in rival mobile operator Telemig Celular Participacoes for USD670.7 million. Vivo will launch a mandatory purchase for the outstanding shares in the smaller mobile operator which has around 3.5 million customers in Minas Gerais. It will pay minority shareholders 80% of the per-share price agreed as part of the takeover deal.

Brazil, Telemig Celular