$9.7B Wins Telefonica Control Of Brazil Operator

Law360, New York (July 28, 2010, 6:45 PM EDT) -- After raising its bid to €7.5 billion ($9.7 billion), Spain's Telefonica SA has triumphed in its quest to gain control of its wireless joint venture with Portugal Telecom in Brazil.

Telefonica said Wednesday that it reached an agreement to purchase Portugal Telecom's 50 percent of the joint venture, Brasilcel NV, which controls Vivo Participacoes SA, the largest wireless operator in the South American country.

“We are delighted to have reached this agreement,” said Telefonica Chairman Cesar Alierta, adding that the deal would benefit shareholders in both...
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