Telefonica Announces $14.6 Billion 4-Year Brazil Investments
March 23 2011 - 6:27PM
Dow Jones News
Spanish telecommunications giant Telefonica SA (TEF, TEF.MC)
Wednesday announced a four-year investment plan for its Brazilian
operations worth $14.6 billion, 52% larger than in the previous
four-year cycle.
Grupo Telefonica global President Cesar Alierta said the company
will invest 24.3 billion Brazilian reais ($14.6 billion) during the
period 2011 through 2014.
Telefonica's main Brazilian properties are Telesp SA (TLPP4.BR),
the telephone company serving portions of Brazil's biggest and
wealthiest state of Sao Paulo, and mobile phone provider Vivo (VIV,
VIVO4.BR).
Telefonica announced the investment plan following a meeting in
Brasilia between Alierta and Brazilian President Dilma
Rousseff.
Telefonica said investments will be aimed at modernization and
expansion of the company's telephone products as well as broadband
Internet and cable television services. The company said
investments will include acquisition of new operating licenses in
different parts of the country.
Telefonica has operated in Brazil since the 1998 privatization
of telephone services. From 1998-2010, the company invested BRL57.4
billion.
--By Tom Murphy, Dow Jones Newswires; 55-11-3544-7090;
brazil@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