Oi could spend BRL3.17bn on Brasil Telecom shares

26 May 2009

Brazilian telecoms operator Telemar Norte Leste (TNL) says it may spend up to BRL 3.17 billion (USD1.56 billion) to acquire common shares of Brasil Telecom Participacoes, the rival operator it agreed to purchase last year. Bloomberg reports that TNL, which offers services under the Oi brand, offered BRL61.63 per share for the common shares it does not already own. It also offered BRL57.76 for each share of the operating unit, Brasil Telecom (BrT), equal to as much as BRL131.7 million. TNL is seeking to purchase up to 51.5 million shares of Brasil Telecom Participacoes and 2.28 million shares of BrT.

Brazil, Brasil Telecom (BrT), Oi