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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Telefonica Brasil SA | BOV:VIVT3 | Bovespa | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.11% | 46.45 | 46.05 | 46.79 | 46.66 | 46.02 | 46.31 | 2,469,700 | 00:00:05 |
By Joshua Kirby
Telefonica SA said Wednesday that its Brazilian subsidiaries have agreed to form a joint venture for the construction and operation of a fiber network in the country, alongside Canadian investment fund Caisse de Depot et Placement du Quebec.
The Spanish telecommunications company said Telefonica Brasil SA and Telefonica Infra will share a 50% stake in the joint venture, to be named FiBrasil Infraestrutura e Fibra Otica, with CDPQ holding the other half. The fund will invest up to 1.8 billion Brazilian reals ($317.1 million) in the joint venture, Telefonica said. Meanwhile, Telefonica Infra will also make payments for its 25% stake. Telefonica Brasil will contribute some 1.6 million fiber-equipped homes and will be the anchor tenant of FiBrasil.
FiBrasil will construct, develop and operate a fiber network in mid-sized cities outside of the state of Sao Paulo, Telefonica said. The transaction is subject to regulatory approvals.
Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby
(END) Dow Jones Newswires
March 03, 2021 01:23 ET (06:23 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
1 Year TELEF BRASIL ON Chart |
1 Month TELEF BRASIL ON Chart |
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