Algar stake sale gets Anatel approval

22 Jun 2018

Brazil’s National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel) has reportedly granted prior consent to the sale of a 25% stake in regional operator Algar Telecom, to Archy LLC – an affiliate of Singapore’s GIC sovereign wealth fund. According to TeleSintese, the two parties must now agree to meet a number of conditions relating to the control of the company within the next 90 days.

Previously, in March this year, the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Economica, CADE) gave the deal the all-clear. The stake sale, which is valued at around BRL1 billion (USD306.2 million), was unveiled in January this year, and prompted Algar to cancel its planned initial public offering (IPO).

Brazil, Algar Telecom, National Telecommunications Agency (Anatel)