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Brazil OKs América Móvil’s cable buy
30 January 2012
Brazilian authority Anatel approves América Móvil’s takeover of cable TV company Net Serviços
Read more:
Carlos Slim
Brazil
Embratel
América Móvil
Net Serviços
cable TV
Brazilian regulator Anatel has approved América Móvil’s plans to acquire complete control of cable TV firm Net Serviços de Comunicação. The approval allows Embratel, the Brazilian operating arm of América Móvil, to buy Net Serviços from Globo Comunicação e Participações.
According to Bloomberg, Anatel board member Rodrigo Zerbone said that Net Serviços has 90 days to provide a proposal to obtain Globo’s board seats and veto rights over company decisions. America Movil, which is owned by Mexican billionaire Carlos Slim, already owns 92% of the cable TV company’s shares. GTB
Further reading from Global Telecoms Business:
América Móvil to spend $5.4bn in Brazil 30 Dec 2011
Telmex to delist shares from overseas markets 21 Dec 2011
América Móvil plans 100% Telmex stake 12 Oct 2011
Embratel to take majority in cable operator 23 Aug 2011
América Móvil's Embratel to raise $2bn 29 Sep 2010