Algar Telecom sells 25% stake to Singapore fund

Algar Telecom has sold 25% of its share capital to Archy LLC, an affiliate of Singapore’s GIC sovereign wealth fund for roughly BRL1 billion (USD306.2 million). According to CEO Luiz Alexandre Garcia the capital injection will be used to fund Algar’s network expansion. As a result of the deal, Algar has cancelled its postponed initial public offering (IPO), which was due to take place this month.