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Portugal Telecom Agrees to Pay $4.76 Billion for Stake in Brazil's Telemar

By Laura Price and Francisco Marcelino -

Telemar Participacoes SA said Portugal Telecom SGPS SA agreed to pay 8.44 billion reais for a 22.4 percent stake in Telemar Norte Leste SA.

Telemar filed a statement with Brazil’s securities regulator today.

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