Brazilian Senate approves telecoms modernisation law

16 Sep 2019

Brazil’s Federal Senate (Senado Federal) has approved a bill seeking to modernize Brazil’s telecoms law and lift restrictions on asset sales, Reuters reports, citing the upper house’s news service, Agencia Senado. The bill, known as PLC 79, had already passed the lower house of Congress and will now go to President Jair Bolsonaro to be signed into law. The law aims to encourage investment in broadband in remote areas of Brazil by allowing companies to own outright telecom assets, such as cell towers and real estate, that they may sell if they so choose. The passage of PLC 79 is expected to trigger a wave of asset sales, with cash-strapped full-service telco Oi expected to emerge as a key target.