While acknowledging that the takeover of CTBC Celular will boost the value of Telemig Celular, CEO João Cox says the acquisition isn?t geared to driving up the wireless carrier?s price with a view to a future sale. ?It?s unbelievable. Even when we announce the acquisition of another carrier, the market speculates that we ourselves are for sale,? he complains, alluding to analysts? expectations triggered by news of the takeover on Friday, August 1. Analysts believe either Vivo or Telecom Americas is interested in acquiring Telemig.
According to the official notification filed with CVM, the securities regulator, Telemig agreed to buy 75% of CTBC, allowing minority shareholders to keep the remaining 25%. João Cox says the price will be defined within the next few days, after due diligence and final negotiations between the two parties. The deal has to be approved by Anatel, which may also determine the incorporation of a new legal entity. If the takeover goes through, Telemig Celular will complete coverage of Minas Gerais and extend it to cities in Mato Grosso do Sul, Goiás and São Paulo.