Telemar to purchase Way Brasil

Brazilian telecoms operator Telemar has acquired cable and internet company Way Brasil at an auction on the São Paulo stock exchange Bovespa, according to BNamericas citing local newspaper reports. Bidding via its mobile arm Oi, Telemar offered BRL132 million (USD60.1 million) for Way Brasil, a premium of 65% over the minimum asking price of BRL80 million. The auction of 44,428 ordinary shares and 27,962 preferential shares gives Telemar 100% of the company’s capital. Way Brazil had 43,900 paid TV clients and 43,500 broadband subscribers at the end of May 2006. Its acquisition will give Telemar a ready-made network and customer base in the cities of Belo Horizonte, Poços de Caldas, Uberlândia and Barbacena in Minas Gerais state.