Claro (Brazil) to benefit from BRL2.2bn investment in 2014

2 Jan 2014

As part of Carlos Slim’s continuing integration of his telecoms operations in Brazil, America Movil (AM) owned fixed line operator Embratel will invest BRL2.2 billion (USD944 million) in sister company and mobile arm Telecom America (Claro) this year, the Wall Street Journal reports. Last year Slim-controlled AM revealed plans to merge its Brazilian operations, which also includes cable TV unit Net Servicos de Comunicacao (Net). In a statement, AM conformed that Embratel will invest the money in exchange for shares in privately held Claro as part of a plan to merge the group’s fixed and mobile units.

Brazil, Claro Brasil (incl. Embratel & NET Servicos)