Oi buys Brasil Telecom; targets Telefonica, TIM
Brazilian telco Tele Norte Leste Participacoes - better known as Oi - has acquired smaller rival Brasil Telecom in a deal it says will allow it to better compete with operators such as Spain's Telefonica and Telecom Italia, which currently dominate Brazil's mobile market.
Brazil clears way for Oi to buy Brasil Telecom
Brazil's telecommunications regulator has approved changes to existing rules to pave the way for Oi's US$3.5 billion takeover of Brasil Telecom, says Reuters. The new regulations allow one telecoms group to hold two separate concessions, with the condition that companies with concessions in more than one region must operate in the whole country.
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