Telefonica Brazil progresses with restructuring plan

Telefonica Brazil (NYSE: TEF) has made another move to unite their wireline and wireless operations under one common unit by simplifying the shareholding structure of the wireless and wireline units.

Under the new structure, Telefonica's main Brazil-based company, Telecomunicacoes de Sao Paulo SA, would oversee the Vivo SA mobile phone operation by doing away with its holding company, Vivo Participacoes SA.

Already, Telefonica has done the majority of its restructuring work in Brazil.

Telesp not only purchased the shares in Vivo Participacoes, but also became the main listed company for Telefonica's Brazil's operations.

Brazil continues to be a major international investment target for Telefonica. Last May, Telefonica pledged $2.78 billion to build out wireline and wireless network infrastructure in Brazil.

For more:
- Total Telecom via Dow Jones has this article

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