Slim's Embratel looks to snap up remaining shares in Brazil cable operator Net Servicos

Carlos Slim, via his Brazil-based operations Embratel, is moving to purchase the rest of the shares in Brazil-based cable operator Net Servicos de Comunicacao it does not already own.

As reported by TeleGeography, Embratel, which currently owns 92.2 percent of Net's stock, plans to offer BRL 26.64 (USD 13.17) for each of the remaining shares in the service provider.

While no one in Slim's camp have said when a tender offer will happen or what they will pay, Embratel would like to secure all of Net's outstanding shares not only in Brazil, but also those in the United States and in Spain. The TeleGeography report said that if Embratel's proposal went forward it would make Net a private company.

This latest news follows Embratel's earlier deal it made to gain control of GB Empreendimentos e Participacoes, Net Servicos' holding company. This agreement, which was consummated in 2005, was based on an agreement that it pursued after Brazil changed its telecom regulations in 2011 to allow foreign ownership of cable operators.

For more:
- TeleGeography has this article

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