Telefonica reveals deal to buy Vivo from Portugal Telecom

28th July 2010, Comments 0 comments

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

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