Spain's Telefonica (NYSE: TEF) is putting its money where its mouth is in Brazil's telecom market. The Spanish-based provider confirmed this week that it will invest about $2.78 billion to build out wireline and wireless network infrastructure in Brazil this year.
In addition to network infrastructure, Telefonica Brazil is employing Ericsson's professional services arm to run its network wireline operations in the region.
Seeing growing competition from a host of emerging competitors, including France's Vivendi which acquired wireline operator GVT earlier this year, this latest figure is almost 50 percent more than what Telefonica invested in Brazil in 2009.
- Reuters has this story
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Oi announced the Brasil Telecom deal last April