Oi buys 3.9m Tele Norte Celular preferred shares

21 Aug 2008

Brazilian telecoms group Oi (Telemar) has purchased 3.9 million preferred shares of Tele Norte Celular Participacoes, the controller of regional mobile operator Amazonia Celular, through a public tender offer, reports BNamericas citing an Oi statement to investors. Oi paid a total of BRL130 million (USD80.5 million) for the shares. As a result of the acquisition made through the tender offer, Oi now holds 94% of the preferred shares and 59% of the capital stock of the company.