Embratel sets 9 Sept as date to buy Net’s preferred shares

10 Aug 2010

Brazilian long-distance telecoms operator Embratel Participacoes announced yesterday that it plans to hold a public tender offer to acquire all the preferred shares of cable TV and broadband provider Net Servicos de Comunicacao (Net), on 9 September 2010. Embratel already owns 21.25% stake of Net’s preferred shares and is moving to purchase all outstanding preferred shares, totalling 199.12 million shares. The value of the transaction could total BRL4.58 billion (USD2.6 billion) based on Embratel’s offer of BRL23 per Net preferred share.