In July 1998, the Brazilian capital markets were buzzing with activity. The outcome of the largest privatization in Latin American history was about to be made public. Telecomunicações Brasileiras (Telebras), the telecommunications company of Brazil, was announcing who had won concessions to its twelve holding companies. Bidders from around the world joined in the auction process to get a prime piece of Brazil's telecom monopoly. In the end, the twelve winning bids would net Brazil $19 billion.
Getting that $19 billion was no easy task. Brazil's telecom privatization process...
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