UOL buys stock worth US$181mn in delisting offer

- Friday, December 30, 2011

UOL buys stock worth US$181mn in delisting offer

Brazil's largest internet service provider, Universo Online (UOL), on Thursday (Dec 29) bought back 338mn reais (US$181mn) worth of its preferred shares at a delisting offer on local stock exchange Bovespa.

UOL repurchased 17.3mn out of 18.3mn outstanding preferred shares, equivalent to 15.3% of the company's total capital, the São Paulo-based exchange said.

UOL is a unit of Folhapar, which also controls the Folha de S Paulo newspaper.

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By Vanessa Stecanella