Mobile & Wireless

Acquisition

Brazil's Oi may be an acquisition candidate

Portugal Telecom, Telefonica express interest

by staff from releases

Reports suggest that Oi, known as Tele Norte Leste Participacoes SA, by far the biggest telecom company in Brazil, is the target of a potential acquisition investment bid by a Portugal Telecom. Speculation was ripe Monday that the company is being keenly watched for investment acquisition by Portugal Telecom SGPS SA, a Lisbon based telecom company, as it seeks to maintain a presence in Brazil.

Last week, the Portuguese government used its veto power to deny Telefonica SA’s bid for Portugal Telecom’s stake in Vivo Participacoes SA. Telefonica had made a €7.15 billion offer for the Brazilian firm and was awaiting shareholder approval to seal the deal.

Investors are hopeful that the European Union will nullify the Portuguese government’s decision thus paving way for the sale of Portugal Telecom’s stake in Vivo to Telefonica and enabling Portugal Telecom to seek additional assets in Brazil. Maria Tereza Azevedo, a pundit working with Link Corretora in Sao Paolo, said investors were betting on the move by the European Union, with widespread speculation that the European Court of Justice will disapprove the Portuguese government’s decision and approve Portugal’s golden share.

If the Portuguese firm is allowed to sale its stake in Vivo, analysts expect that its next obvious acquisition move would be to go for Oi. The government’s move to reject Portugal Telecom’s sale of its Vivo stake came amidst a 74% approval from the company’s investors present at its shareholder meeting held in Lisbon on June 30th.

Tele Norte Leste Participacoes SA (TNL) is a telecommunication service provider in Brazil with a range of integrated telecommunications services that includes fixed-line and mobile telecommunications services, data transmission services and Internet service provider (ISP) services for residential customers, small, medium and large companies, and governmental agencies.

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