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Portugal Telecom (PT) announced Wednesday a firm deal allowing it to buy up at least 22 percent of Brazilian operator Oi for 8.32 billion real ($4.99 billion, 3.64 billion euros).
The transaction, expected to be completed in March, is part of a “strategic partnership,” announced last July.
Portugal Telecom sees fast-growing Brazil as a key market as it faces stagnant growth in its saturated domestic markets.