Vivo snaps up USD315m worth of outstanding Telemig Celular stock

14 May 2008

Brazilian mobile operator Vivo Participacoes has purchased BRL522 million (USD315 million) worth of outstanding shares in regional cellco Telemig Celular and its parent company Telemig Celular Participacoes, reports BNamericas citing a statement from the Brazilian stock exchange Bovespa. Last month Vivo, a joint venture of Telefonica of Spain and Portugal Telecom, completed a deal to acquire a controlling stake in Telemig Celular. At this week’s public offer of Telemig stock Vivo paid BRL654.72 per share in Telemig Celualr and BRL63.90 a share in its parent company.

Brazil, Telemig Celular