Mergers and Acquistions News
Categories: Telecoms
August 5th 2010, 16:50PM
Embratel Participacoes has offered to acquire all remaining preferred stock in Net Servicos, the firm said in a statement.
Embratel is a major Brazilian telecoms operator, whilst Net Servicos, also Brazilian, supplies cable TV, broadband and Voice over Internet Protocol (VoIP) services.
Embratel is owned by Mexican Carlos Slim, who in March of this year was declared the wealthiest man in the world by Forbes magazine.
The telecoms firm already owns 21.2 per cent of Net Servicos, so any deal would see the firm become wholly-owned by Slim's company.
The offer is part of Slim's strategy to strengthen what is now a telecoms empire across Latin countries.
Embratel have offered to pay 23 reais for each preferred share of Net Servicos, which would equate to $2.6 billion (£1.6 billion), if all shareholders of Net Servicos accept the bid.
The Mexican tycoon is worth $53.5bn (£33.6 billion).
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