Telemar Norte Leste, a subsidiary of the Brazilian telco Oi, has entered into a contract with Barclays Capital to acquire a 3% stake in Portuguese incumbent Portugal Telecom (PT) for an undisclosed sum.
In a notice to the market published on Tuesday, Oi…
Telemar Norte Leste, a subsidiary of the Brazilian telco Oi, has entered into a contract with Barclays Capital to acquire a 3% stake in Portuguese incumbent Portugal Telecom (PT) for an undisclosed sum.
In a notice to the market published on Tuesday, Oi said that under the terms of the contract, Barcap would transfer 26,895,360 common shares in PT to Telemar by 4 April.
It also said that Telemar was already entitled to some voting rights connected to these shares, without providing more specific details.
The price Telemar was paying for the stake was also not disclosed.
The acquisition appears to be part of the strategic partnership deal that was originally signed by PT and Oi in July 2010.
Under the terms of this deal, PT would acquire a minimum 22.38% direct or indirect economic stake in Oi, and that Telemar had the option of acquiring a stake of up to 10% in PT.
In January, PT completed its acquisition of the stake in Oi. At the time, PT said that
“Oi had indicated the intention to buy a stake of up to 10% in PT”.
Oi and PT did not reply to questions before the press deadline.
