Brazil's Embratel Plots Net Tender, Streamlining

Brazil's Embratel Plots Net Tender, Streamlining

Brazil M&A Equity

Embratel has reached 92.2% of control of operator Net Servicios de Comunicacao, and plans to launch a tender for the remaining shares, delist them and prepare a reorganization of Embratel’s businesses in Brazil. Embrapar, the parent of the Carlos Slim-owned telecom, increased its stake in GB Empreendimentos e Participacoes, the company that controls Net, by 5.5% to a total of 54.5%, it says, to reach the 92.2% level. It plans to soon offer holders of all Net shares a maximum of BRL26.04 ($14.80)

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