Oi boosts stake in Portugal Telecom to 7%

Monday, April 25, 2011

Brazil's largest telecommunications giant, Oi, has acquired an additional 4% stake in Portugal Telecom to boost its interest in the Portuguese firm to 7%, the company said in a statement.

Last month, Portugal Telecom bought a 25.28% stake in Oi for 8.32bn reais (US$5.3bn).

The acquisitions are part of a Portugal Telecom-Oi agreement first announced in July 2010. Under this deal, Oi aims to hold a 10% stake in the Portuguese company.

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