Portugal Telecom and Telefonica reached a preliminary agreement on Vivo’s stake acquisition
Wednesday, July 28th, 2010
Telefonica SA and Portugal Telecom SGPS SA reached a preliminary agreement on the acquisition of PT’s stake in Vivo Participacoes. This agreement was reached after the third bid of $9.8 billion (€7.5 billion), according to a source close to discussions. Telefonica confirmed the deal but did not give financial terms. The boards of the two companies must approve the deal before final decision.
Portugal Telecom SA would probably acquire a stake in Brazil’s Oi with the benefits of this deal. It would keep a presence in Brazil for Portugal Telecom.