Analysts and investors are curious to see on what terms Safra?s stake in BCP will be swapped for BellSouth?s holding in Cellcom, a Israeli joint venture. The deal could become a benchmark for similar swaps in the Brazilian cellular industry, especially among B-band operators. Together Safra and BellSouth have invested some 1.4 billion US dollars in BCP, giving them about 550m USD each on that basis alone. It wouldn?t be surprising if Safra assumed BCP?s 375m USD past-due debt in exchange for 25% in the Israeli operator.
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