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

Portugal Telecom SGPS SA is in talks to buy the stakes in Brazil’s Oi SA 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.

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