PT to sell 28% stake in UOL to Brazil’s Folha

22 Dec 2010

European telco Portugal Telecom (PT) is holding talks with Brazilian publishing group Folha regarding a plan to sell its 28% stake in local internet portal Universo Online (UOL). Brazilian economic daily Diario Economico writes that Folha currently owns 54.87% of UOL’s share capital and that as a partner, has a buy option to acquire PT’s stake. UOL is the largest internet portal in the Latin American region and it is understood Folha plans to withdraw it from the stock exchange if a deal is completed.