Carlos Slim’s Embratel has circled 9th September as the date for his bid to buy 100% of preferred shares in Brazilian cablecos Net Serviços.
The bid will take place at 1500H local time on the Bovespa.
The company is hoping to buy the 199 million shares…
Carlos Slim’s Embratel has circled 9th September as the date for his bid to buy 100% of preferred shares in Brazilian cablecos Net Serviços.
The bid will take place at 1500H local time on the Bovespa.
The company is hoping to buy the 199 million shares not already in its hands.
There has been speculation that Slim is planning to merge his Brazilian assets. The fixed-line telco Embratel would be combined with mobile unit Telecom Americas, which operates as Claro, the local unit of America Movil. Together, they would offer fixed-line, mobile, internet and TV. With the addition of Net Servicos, Slim would have a formidable one-stop-shop operating in South America’s largest market.
Embratel will offer B$23 per share, which would be a 23.1% premium on the volume weighted average of the last 90 days. The total transaction would amount to B$4.58bn (US$2.6bn). Embratel already owns 21.2% of Net Servicos.
