Brazilian fixed line telecoms company Oi (formerly Telemar) has completed its BRL5.86 billion (USD3.51 billion) purchase of rival operator Brasil Telecom (BrT), reports BNamericas citing a company statement. To secure the deal, Oi agreed to pay BRL4.98 billion for the acquisition of Invitel, owner of Solpart Participacoes, which is itself the controller of BrT Participacoes. The remaining BRL881 million will be paid for BrT Participacoes’ shares held by other BrT stockholders. Given that the Brazilian authorities have yet to amend the country’s telecoms laws to make the acquisition legal, Oi has reportedly agreed for Credit Suisse to acquire control of BrT on its behalf. Once telecoms regulator Anatel puts the necessary changes in place to remove any barriers to the deal, Credit Suisse will transfer all BrT’s assets to Oi. The transaction is expected to be completed within the next 240 days, though if the telecoms amendments fail to materialise in this period, or in a maximum period of 365 days, Oi will be liable to pay a BRL490 million guarantee to BrT. The new owner has also committed to paying BRL315 million to resolve a number of issues surrounding a dispute between BrT pension fund stockholders Previ and Petros, as well as between Citigroup and national bank Opportunity.