SAO PAULO—Brazilian telecommunications company Oi says it is forming a strategic partnership with Portugal Telecom by selling it a minority stake.
The Brazilian company also known as Telemar Norte Leste SA says in a Wednesday statement that the two companies signed a letter of intent in which the Portuguese company agrees to acquire a 22.4 percent stake in Oi for 8.44 billion reals ($4.8 billion).
Oi has in turn agreed to purchase a 10 percent share of Portugal Telecom. The statement does not say how that exchange is worth.
The agreement was announced the same day Spain's Telefonica said it will acquire Portugal Telecom's share in Brazil's largest cell phone operator, Vivo, for euro7.5 billion ($9.77 billion).
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