Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.479

+4.1%

Jan 16 3:59 PM EST

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To: wl9839 who wrote (21059)	6/20/2000 5:27:00 AM
From: wl9839	Read Replies (1) of 22640

Globo Cabo to buy Net Sul in deal worth $735 mln-WSJ NEW YORK, June 20 (Reuters) - Globo Cabo SA , Brazil's largest cable television company, is expected to announce on Tuesday it will acquire a regional cable rival for about $735 million in stock, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The acquisition of Net Sul SA will extend Globo Cabo's reach into southern Brazil and expand its ability to offer high-speed Internet access to cable customers through its partnership with Microsoft Corp. (NasdaqNM:MSFT - news), which owns a nearly 10 percent stake in Globo Cabo. A spokesman for Globo Cabo declined to comment on the transaction, which requires approval by Globo Cabo's board and Brazilian regulators, the Wall Street Journal said. Under the terms of the deal, Globo Cabo will issue 511 million new shares valued at $735 million at the close of Nasdaq Stock Market trading on Monday, according to the article. The company also will assume $135 million of Net Sul debt, the Wall Street Journal said.

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