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Portugal Telecom Acquires Bigger Stake in Oi for $5 Billion

Portugal Telecom SGPS SA bought 25.3 percent of Brazilian carrier Telemar Norte Leste SA for 8.32 billion reais ($5 billion), getting a bigger stake than Portugal’s largest phone company had originally planned to buy.

The stake was built through direct investments in the company and indirect positions in its biggest shareholders, Portugal Telecom said yesterday in a statement. The acquisition includes 25.6 percent of Telemar Participacoes SA, the group that controls the Brazilian phone carrier.