Everything about Brasil Telecom totally explained
Brasil Telecom S.A. (BrT) is a major
Brazilian telecommunications company headquartered in the Brazilian capital of
Brasilia. The company is one of three land line telephone companies in Brazil that emerged from the break-up of
Telebrás. Originally the company was called Tele Centro Sul, because its service covered the states in the central and southern parts of Brasil, namely
Acre,
Rondônia,
Goiás,
Tocantins,
Mato Grosso,
Mato Grosso do Sul,
Paraná,
Santa Catarina and
Rio Grande do Sul, as well as the
Distrito Federal. In 2008, Brasil Telecom was acquired by
Oi.
History
The Brazilian investment bank
Opportunity, which managed funds that had
Citigroup and some Brazilian pension funds as investors, alongside
Telecom Italia, paid 2.07 billion reais in June 1998 to buy Tele Centro Sul from the Brazilian government as part of the privatization process of Telebrás. After some legal wrangling, the company is now controlled by
Citigroup and the Brazilian pension funds, who removed
Opportunity from the management of their respective funds and took control of the company in 2005. BrT started up a wireless service in 2004.
Brasil Telecom's stock is traded on
Bovespa, where it's part of the
Ibovespa index, as well as on the
New York Stock Exchange.
Legal Problems
Brasil Telecom, the country's third largest fixed-line operator, and
Opportunity, which controlled Brasil Telecom, hired
Kroll to determine whether
Telecom Italia competed with Brasil Telecom in 2000 in the latter's acquisition of the Brazilian fixed-line phone company Companhia Riograndense de Telecomunicoes ('CRT') from Spain's
Telefónica with the purpose of increasing the final price paid by Brasil Telecom for CRT, as both
Opportunity and
Telecom Italia were struggling for the control of Brasil Telecom.
Brasil Telecom and
Telecom Italia have been locked in court struggles since 2000. Kroll was accused of spying on Brazilian government officials.
Additionally,
Opportunity also became involved in legal disputes with the investors in its managed funds, namely some Brazilian pension funds and
Citigroup, which culminated in
Opportunity's removal as the manager of these funds and, ultimately,
Opportunity's losing the control of Brasil Telecom (along with other companies controlled by the funds, namely
Telemig Celular,
Amazonia Celular, Santos Brasil, and Opportrans/Rio de Janeiro's subway operator).
Further Information
Get more info on 'Brasil Telecom'.
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