Brazilian fixed-line operator Embratel has managed to buy R$3.3bn (US$2bn) in ADS in cableco Net Servicos de Comunicacao, taking its shareholding to 35%.
Embratel, which is owned by Carlos Slim, originally tendered for the 87.1% of shares it does not own…
Brazilian fixed-line operator Embratel has managed to buy R$3.3bn (US$2bn) in ADS in cableco Net Servicos de Comunicacao, taking its shareholding to 35%.
Embratel, which is owned by Carlos Slim, originally tendered for the 87.1% of shares it does not own on September 9. The date was pushed back twice, first to September 29 after Brazilian competition watchdog CVM asked for more details on Slim’s future intentions for Net Servicos, and then again to October 7.
This is the latest step in America Movil’s plan to offer full telecoms services in Brazil through Embratel, Net Servicos and mobile business unit Telecom America, which operates in Brazil as Claro. Net Servicos’s controlling shareholder, however, remains Globo Comunicacao et Participacoes, as Brazilian law only allows domestic companies to control pay-TV operators.
