PT to sell Vivo to Telefonica, buy stake in Oi

Wednesday 28 July 2010 | 13:40 CET | News
Portugal Telecom has agreed to sell its 50 percent stake in Brasilcel, the company that controls 60 percent of Brazilian mobile operator Vivo, to Telefonica, giving the Spanish operator full control of the company. Telefonica will pay EUR 7.5 billion for PT's stake, better than its last offer of EUR 7.15 billion which was vetoed by the Portuguese government. PT will receive EUR 4.5 billion at closing, expected within 60 days, EUR 1 billion on 30 December 2010, and EUR 2 billion no later than 31 October 2011. At the same time, PT announced an agreement to acquire a 22.38 percent stake in

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Categories: Fixed / Mobile & Wireless
Companies: Brasil Telecom / Oi / Portugal Telecom / Telefonica Brasil / Telefonica- Movistar / Vivo
Countries: Brazil
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