March 26, 2019 |
Brazil's Algar Telecom said it has offered to buy Smart Telecomunicações for as much as BRL49.8m ($12.9m).
Smart is based in Recife, the state capital of Pernambuco and the third largest metropolitan area in Brazil's northeast. Minas Gerais-based Algar started operations in the northeast last year.
Algar bought fiber optic lines from the Minas Gerais state company Cemig for BRL77.9m last year, taking home assets and contracts in Goiás and the northeastern states of Ceará, Bahia and Pernambuco.
Brazilian telecom company could pay $13m to increase its market share in the northeast