Spain to invest USD2.77bn in Telefonica Brazil (Telesp)

Spanish telecoms giant Telefonica plans to invest BRL5 billion (USD2.77 billion) in Brazil in 2010 to improve both its fixed line and mobile telecoms services, the group’s head of Latin American operations Jose Maria Alvarez Pallete is quoted as saying. In an interview with business leaders and the press, as cited by Dow Jones, Pallete confirmed that Telefonica has invested a total of USD110 billion in the region since it entered the LatAm market in the 1990s. The Spanish heavyweight, which invested BRL3.4 billion in Brazil last year, owns Telefonica Brazil (Telesp) and has joint control of the country’s largest mobile operator by subscribers, Vivo Participacoes. Portugal Telecom owns the other 50%.