Brazil: Telecommunications company Oi plans to enter Portuguese-speaking African markets

13 January 2009

Rio de Janeiro, Brazil, 12 Jan – Brazil’s new large telecommunications company, resulting from a merger between Oi (formerly Telemar) with Brasil Telecom plans to focus on internationalisation by reaching Portuguese-speaking African markets, the company’s chairman said.

After taking control of Brazil Telecom (BrT) Friday, the chairman of Oi, Luiz Eduardo Falco, said that 30 billion reais would be invested in the new company over the next five years.

The target is to increase the number of subscribers from a current 53 million to 110 million, of which 30 million will be in foreign markets.

According to Falco Oi, which will be based in Rio de Janeiro, will focus on an internationalisation strategy in Latin America, the Caribbean and Portuguese-speaking Africa.

Despite having paid 5.3 billion reais for a controlling stake of BrT in a negotiation that took all of last year, Falco did not discount the possibility of further acquisitions in the sector. (macauhub)