According to a stock market filing, Brazilian telco Embratel has acquired nearly 144 million shares in pay-TV firm Net Serviços de Comunicacao. As a result of its public tender offer that closed on October 7, Embratel now owns 73% of all outstanding…
According to a stock market filing, Brazilian telco Embratel has acquired nearly 144 million shares in pay-TV firm Net Serviços de Comunicacao. As a result of its public tender offer that closed on October 7, Embratel now owns 73% of all outstanding preferred shares of Net Serviços.
Embratel, which aims to acquire 100% of outstanding preferred shares, have given holders of outstanding preferred stock until January 13, 2011 to take up its offer.
Embratel paid an average of R$23.00 a share, for a total of almost US$2bn.
Embratel’s holding company Embratel Participaçoes previously owned 5.4% of Net’s preferred shares, while Embratel had 7.5%.
Embratel is fully controlled by Telmex Internacional, one of Mexican media magnate Carlos Slim’s portfolio of Latin American companies.
