Telemar takes option to join America Movil in BCP acquisition
Bnamericas Published: Wednesday, August 27, 2003
Brazilian telecom firm Telemar has signed an agreement with Mexico's America Movil (NYSE: AMX), giving it a right to buy a share in Sao Paulo mobile operator BCP, Telemar said in a statement to the Bovespa stock exchange. "If America Movil completes the acquisition of a controlling share in BCP, Telemar will be able to examine the acquisition terms and eventually exercise the option [to buy a share in BCP,]" Telemar CFO Marcos Grodetzky said in the statement. Local press has been reporting that America Movil and other companies are in discussions to buy BCP but the companies involved have made no official statements to date. As of June 30, BCP had 1.7 million customers, of which 605,000 are postpaid and 1.1 million are prepaid. America Movil has a PCS license for Sao Paulo but no active operation, while the option would let Telemar get a foothold in Sao Paulo for its mobile operation Oi. Both companies are GSM operators and compete against each other in other parts of the country.
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