Telefonica reveals deal to buy Vivo from Portugal Telecom
Spanish telecoms giant Telefonica said on Wednesday it had reached an agreement in principle to buy Portugal Telecom's stake in Brazilian operator Vivo in a deal reportedly worth 7.5 billion euros.
"The agreement will be submitted for approval to the board of both firms, which are schedueld to meet today," it said in a statement.
Telefonica and Portugal Telecom jointly own Vivo via investment vehicle Brasilcel, which owns 60 percent of the company.
© 2010 AFP