Telefonica plans to invest $14.6 bn in Brazil
Spain’s Telefonica is planning to invest US$14.6 billion in Brazil in the 2011-2014 periods, an increase of 52% over the prior four years. This will help tap the surging demand for telecommunications services in Latin America’s biggest economy.
According to the company, the amount includes funds to finance possible acquisitions and to purchase of operating licenses. Telefonica, the largest telecom group serving Latin America, invested US$9.6 billion in Brazil between 2007 and 2010.
The Madrid-based company controls Brazil’s largest wireless carrier Vivo Participacoes and fixed-line company Telesp. The announcement came after Telefonica Chairman Cesar Alierta met Brazilian President Dilma Rousseff in Brasilia to present the company’s capital spending plan.