Oi snaps up USD599m worth of BrT preferred shares

23 Jul 2008

BNamericas reports that Brazilian telecoms group Oi has purchased BRL948 million (USD599 million) worth of preferred shares in fixed line counterpart Brasil Teelcom (BrT) and its parent, Brasil Telecom Participacos, via a public tender offer held yesterday. In a stock market filing, Oi said it paid BRL30.47 per share for 20.8 million shares in the parent company and BRL23.42 per share for 13.3 million of BrT’s preferred shares. Oi is looking to indirectly acquire one-third of BrT’s outstanding shares through companies controlled by the group.

Brazil, Brasil Telecom (BrT), Oi