Brazilian telco Oi to buy fibre-optic firm Eletronet

1 Apr 2009

Brazil’s largest telecoms group Oi (Telemar) is reportedly looking to acquire fibre-optic operator Eletronet and to that end has been in talks with its creditors for the past two weeks. According to local newspaper O Estado de S. Paulo, officials from Oi have held a series of talks with Eletronet’s creditors, as the firm works its way through bankruptcy proceedings. The fibre firm was set up in 1998 by US energy firm AES Corp and Brazilian power utility Centrais Eletricas Brasileiras (Eletrobras). Eletronet deployed 16,000km of fibre-optic cable in 16 states for high speed data transmission services before AES sold its stake in the company. However, it now has debts of more than USD261 million.

Brazil, Oi