Portuguese incumbent Portugal Telecom (PT) is preparing to sell its 28% stake in Brazilian internet portal UOL to another existing investor, publishing conglomerate Grupo Folha, according to reports.
Diario Economico reported that Folha – which currently…
Portuguese incumbent Portugal Telecom (PT) is preparing to sell its 28% stake in Brazilian internet portal UOL to another existing investor, publishing conglomerate Grupo Folha, according to reports.
Diario Economico reported that Folha – which currently owns a 54.87% stake in UOL – had reportedly offered R$320m (US$189m) for the stake, but had yet to reach any agreement with PT.
According to the report, Folha intends to remove the company from the stock exchange if a deal is completed.
The report also suggested that other unspecified parties may be interested in PT’s stake in UOL.
UOL is the biggest internet portal in Brazil, providing its own content with content from other media organisations. It gets 29.8 million unique viewers every month.
UOL refused to comment. A spokesperson told TelecomFinance: “To our company, this is just rumour.”
Folha and PT were unavailable for comment before the press deadline.
