Net Servicos folds firms into corporate structure

17 Oct 2013

Brazilian cable services provider Net Servicos has announced the formal incorporation of four smaller subsidiaries into its operation, as it looks to simplify its corporate structure and trim operating costs. In a filing to the Securities Commission (CVM) relayed via Telecompaper, Net Servicos confirmed the full merger of 100% of each of Net Sao Paulo, 614 Servicos de Internet Maceio, 614 Internet Joao Pessoa and 614 TVH Vale (from Sao Jose dos Campos, Sao Paulo). NET says that the incorporation does not affect its capital, currently valued at BRL5.612 billion (USD2.582 billion).