Confirmed: PT to acquire at least 22% of Oi

26 Jan 2011

Portugal Telecom (PT) has agreed to buy a minimum 22% stake in Brazilian operator Telemar Norte Leste (Oi) for BRL8.3 billion (USD5 billion), confirming a preliminary agreement between the two companies dated last July. PT divested its stake in Vivo last year to Telefonica, but made no secret of its desire to maintain a presence in the Brazilian telecoms market. Under the agreement between Oi and PT, the Brazilian telco will acquire up to a 10% stake in PT after PT’s purchase of the stake in Oi has been completed.

Brazil, Portugal, Oi, Pharol (formerly Portugal Telecom SGPS [PT SGPS]), PT Portugal (MEO)