Brazil's telecommunications regulator Anatel approved Telefonica SA's (TEF) purchase of Portugal Telecom SGPS SA's (PT) stake in Vivo Participacoes (VIV), the local Estado news agency said Thursday.

The regulator said the purchase only involves a change in shareholders and doesn't affect competition in the market, Estado said, citing people familiar with the matter.

Telefonica and Portugal Telecom said July 28 they had agreed for PT to sell its stake in Vivo to Telefonica for EUR7.5 billion. PT, in turn, will use some of the proceeds to buy a 22.4% stake in rival Brazilian telecommunications company Oi (TMAR5.BR), ending a months-long tug of war over Vivo between the two Iberian companies.

-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073; paulo.winterstein@dowjones.com
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