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Portugal Telecom Signs Deal For Minority Stake In Brazil's Oi

LISBON -(Dow Jones)- Portugal Telecom SGPS SA (PT) said Wednesday it has signed a final deal to acquire a minority stake in Brazilian phone giant Oi (TNE) for 8.32 billion reais ($5 billion). Under the deal, originally announced in July last year, Portugal Telecom will own at least 22.38% of Oi. The Portuguese company will also have a 12.1% stake in Telemar Participacoes, Oi's holding company, it said in a statement. The deal is expected to close by the end of March. Oi plans to acquire a stake of up to 10% in PT. The operation is linked with a deal between Portugal Telecom and Telefonica SA (TEF), under which PT sold its stake in Brazil's mobile operator Vivo Participacoes SA (VIV) to Telefonica for EUR7.5 billion last year. Some of the proceeds will be used to buy Oi's stake and allow Portugal Telecom to return to Brazil. The country is a key market for both Telefonica and Portugal Telecom as they face declining revenue in their mature home markets and are suffering the lingering impact of a severe recession. "With the signing of these agreements in connection with this strategic investment, PT will continue to benefit from scale and geographic diversification in high-growth markets," it said in the statement, adding that it expects to be able to use its own experience in developing new services to customers to improve Oi's financial performance. -By Patricia Kowsmann, Dow Jones Newswires; +44(0)75-0076-2189; patricia.kowsmann@dowjones.com

Stock News for Tele Norte Lest (TNE)
DateTimeHeadline
03/20/201206:40:48Brazil February Mobile Phone Subscriptions Up 1% From Jan
02/16/201205:02:58Brazil January Mobile Phone Subscriptions Up 1.22% From December
01/26/201208:11:25Brazil's Telecoms Regulator Orders Reduction On Tariffs
01/17/201205:17:20Brazil Mobile Phone Subscriptions Rise 19.36% In 2011
12/20/201104:54:10Brazil November Mobile Phone Subscriptions Up 1.92% From October
10/21/201110:26:36Brazil Stocks Open Higher On Hopes For Plan By France, Germany
09/26/201111:12:16CORRECT: Brazil August Mobile Phone Subscriptions Up 1.67% From...
09/26/201108:41:15Brazil August Mobile Phone Subscriptions Up 1.67% From July
07/27/201110:05:24Brazil June Mobile Phone Subscriptions Rise 1.06% On Month
06/22/201106:54:30Brazil May Mobile Phone Subscriptions Rise 1.16% On Month -Report
06/03/201114:46:42Brazil Telephone Co Oi Appoints Francisco Valim As CEO
04/21/201107:24:00Brazil March Mobile Phone Subscriptions Rise 1.42% On Month
03/15/201119:39:24Brazil's Oi Reports 3% Stake In Portugal Telecom
03/04/201117:31:22Tele Norte Leste To Focus Growth On Mobile, Internet, Pay TV
02/18/201118:11:09Brazil Telco Oi To Sell $7.2 Billion In New Common, Preferred...
01/27/201111:56:10Brazil Regulator Recommends Approval Of Vivendi Buy Of GVT
01/26/201104:59:06Portugal Telecom Signs Deal For Minority Stake In Brazil's Oi
01/26/201104:47:49Brazil's Oi, Portugal Telecom Formalize Industrial Alliance
12/16/201014:05:54DirecTV Acquires Added 18.9% Stake In SKY Brasil For $604.8 Million
12/02/201013:18:39CORRECT: DirecTV Sees More Than 30 Million Subscribers By 2013

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