Anatel approves Telecom Italia sale of stake in Brasil Telecom

The board of Anatel approved Wednesday, September 11, the terms of the agreement under which Telecom Italia relinquished membership of the group of controlling shareholders in Brasil Telecom (BrT). Luiz Guilherme Schymura, director-general of Anatel, reiterated that the deal reduces Telecom Italia?s stake in BrT from about 38% to 19% and removes directors appointed by the Italians to the boards of holding companies Solpart e Brasil Telecom Participações, besides that of BrT itself. He declined to furnish details but said the agreement involves an exchange of common shares with voting rights for nonvoting preferred shares in BrT.


Mr Schymura said Anatel hasn?t decided whether to release details of the Telecom Italia-Opportunity deal to third parties. Incumbent mobile carriers BCP, Telesp Celular and TCO have asked for disclosure in order to consider a challenge. "When those telcos asked to see the dossier, it was under examination by Anatel board member José Leite,? Mr Schymura said. ?So we concluded that their request couldn?t be granted until the board had taken its decision.? Any company can challenge the board?s decision within ten days.

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Next steps

What the board of Anatel has approved is not the transfer of Telecom Italia?s stake as such but the proposed terms of the deal, which hasn?t taken place yet, Mr Schymura explained. The parties must now file the requisite documentation detailing the new equity structure and the reappointment of directors. The documentation will be analyzed by the department of private services. Once it is approved, Telecom Italia Mobile (TIM) will be given permission to use the frequencies for which it already holds licenses and must then file service plans for its PCS network. Mr Schymura said he couldn?t specify a date for TIM to begin delivering commercial service but promised that Anatel will take all the necessary decisions as quickly as possible.


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