Portugal Telecom (PT) has agreed to buy a minimum 22% stake in Brazilian operator Telemar Norte Leste (Oi) for BRL8.3 billion (USD5 billion), confirming a preliminary agreement between the two companies dated last July. PT divested its stake in Vivo last year to Telefonica, but made no secret of its desire to maintain a presence in the Brazilian telecoms market. Under the agreement between Oi and PT, the Brazilian telco will acquire up to a 10% stake in PT after PT’s purchase of the stake in Oi has been completed.
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