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Portugal Telecom Buys $5B Oi Stake
Portugal Telecom will pay around $5 billion for a 22% stake in Brazilian telecom group, Telemar Norte Leste.
Portugal Telecomwill pay around $5 billion for a 22% stake in Brazilian telecom group,Telemar Norte Leste,Bloombergreports. The Portuguese company will also sell around 10% of its stake to Telemar, which operates under theOibrand.
The Lisbon-based company will also have a 12.1% stake in Oi’s holding company,Telemar Participacoes, addsThe Wall Street Journal. Oi will account for over 50% of the Portuguese company’s revenue.
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