Telecom Italia is close to selling its stake in Brazil’s fixed and mobile telephone operator Brasil Telecom for approximately $515 mobile telephone operator Brasil Telecom for approximately $515 million to a group of Brazilian pension funds including Prev

Telecom Italia is close to selling its stake in Brazil’s fixed and mobile telephone operator Brasil Telecom for approximately $515 million to a group of Brazilian pension funds including Previ, Petros and Funcef. Presently, Telecom Italia owns 38 per cent stake in Solpart, a holding company that owns 51 per cent of Brasil Telecom. Selling the 38 per cent stake is likely to result in a net capital gain of $269 million for Telecom Italia. Meanwhile, theBrazilian government is reportedly planning to merge Brasil Telecom with another fixed and mobile service provider, Oi (formerly called Telemar).