PT Confirms Will Sell Vivo Stake To Telefonica, Buy Oi Stake
July 28 2010 - 8:55AM
Dow Jones News
Portugal Telecom SGPS SA (PT) confirmed Wednesday it would sell
its stake in Brazil's Vivo Participacoes SA (VIV) to Telefonica SA
(TEF) for EUR7.5 billion and use some of the proceeds to buy a
22.4% stake in Brazilian telecommunications company Oi (TMAR5.BR),
after months of struggle between the two Iberian telecoms.
In a filing to the Portuguese market regulator, PT said it would
receive the payment from Telefonica in three segments, the last in
October 2011.
Portugal Telecom said it would buy a 22.4% stake in Brazilian
telecommunications company Oi (TMAR5.BR) for up to EUR3.7
billion.
Brazil is a key market for both Telefonica and Portugal Telecom
as they face declining revenue in their mature home markets and are
suffering the lingering impact of a severe recession.
Company Web site: http://www.telefonica.com
-By Jason Sinclair, Dow Jones Newswires, 34 913958127,
jason.sinclair@dowjones.com
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From May 2024 to Jun 2024
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Jun 2023 to Jun 2024