Portugal Telecom to acquire 22 percent stake in Oi for $5 billion

摘要

Portugal Telecom has signed an agreement with Brazil-based Telemar Norte Leste, also known as Oi, to acquire a 22 percent holding in the latter for $5 billion. This announcement builds on a preliminary deal between the two mobile operators that was entered into in July 2010. PT has already sold its stake in Vivo to Span's Telefonica despite making it abundantly clear that it was not planning to exit the Brazilian market.