America Movil to get control of Brazil's Net

Reuters News
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Posted: Jan 27, 2012 4:58 PM
America Movil to get control of Brazil's Net

MEXICO CITY (Reuters) - Cell phone company America Movil, owned by Mexican tycoon Carlos Slim, said on Friday it had approval from Brazil's telecom watchdog Anatel to take control of cable television company Net Servicos de Comunicacao.

Under terms of the deal, America Movil's Brazilian unit Embratel Participacoes will buy Grupo Globo Participacoes shares currently held by Net.

Once the deal closes, Embratel and its affiliates will have control of Net, the Mexican company said in a statement. No financial terms or share stakes were disclosed.

(Reporting by Cyntia Barrera Diaz)