Boards approve Oi merger plan

30 Aug 2011

The share prices of the individual units of Telemar Participacoes rose after their respective boards approved a merger plan to create a single entity that will be Brazil’s largest fixed line telephony operator. Parent company Telemar Participacoes says that Brasil Telecom, Tele Norte Leste Participacoes and Telemar Norte Leste will be merged into a single company that will trade under the name Oi. The merger is pending shareholder approval according to regulatory filings submitted by the individual units.

Brazil, Brasil Telecom (BrT), Oi