Portugal Telecom expected to take stake in Brazil’s Oi soon

25 January 2011

Lisbon, Portugal, 25 Jan – Portuguese telecommunications operator Portugal Telecom is expected in the next few days to sign the agreement for the acquisition of at least 25 percent of Brazilian operator Oi for 3.7 billion euros, Portuguese financial daily, Diário Económico reported.

The paper said that the agreement was due to be signed Tuesday in Rio de Janeiro, with the presence of chief executive of Portugal Telecom, Zeinal Bava, although the ceremony could be delayed once again, as happened twice last week.

Oi’s turnaround is now the main target of the Portuguese operator’s management, and a source from the group told the paper that “it will be a more difficult process than was carried out at Vivo.”

Vivo, the former equal partnership between PT and Spain’s Telefónica, remains the mobile market leader in Brazil with a 29 percent market share, whilst Oi has a 19 percent share. (macauhub)