Portugal Telecom in Talks for $985 Million Oi Stake, Veja Says

Portugal Telecom SGPS SA (PTC) is in talks to buy the stakes in Brazil’s Oi SA (OIBR4) owned by the Jereissati and Andrade families for 2 billion reais ($985 million), Veja reported, without saying how it got the information.

Carlos Jereissati and Sergio Andrade are negotiating the sale of the stakes of 19.35 percent each, the Sao Paulo-based magazine said in its Radar column. Grupo BTG Pactual is serving as an adviser, Veja said.

Oi declined to comment, a press official told Bloomberg News, asking not to be named because of company policy. A press official at Portugal Telecom didn’t immediately respond to a message left on his mobile phone.

To contact the reporter on this story: Alex Cuadros in Sao Paulo at acuadros@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

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