Brazilian telecommunications company Algar Telecom has completed the purchase of 100% of the share capital of Vogel Telecom. The operation was announced in May this year.
A note from Brazilian Securities Commission (CVM) confirmed that the transfer of 100% of the provider's share capital, previously controlled by the Pátria fund, has been ratified and approved in an extraordinary general meeting held on 16th August.
The deal first announced in May has already been approved by the National Telecommunications Agency (Anatel) and the Council for Economic Defence (Cade).
The acquisition was made by “Algar Soluções”, a subsidiary of Grupo Algar aimed at the corporate market (B2B).
Vogel Telecom was present in 150 cities in 13 states providing high-capacity fiber connectivity services to businesses and wholesale. The unit has a network of 27 thousand km of fiber, which will be added to Algar Telecom's, totaling more than 110 thousand km of mesh.
"Vogel client is now Algar client," announced the telco, a subsidiary company of the Algar Group, a business group that has completed 90 years.
"This acquisition represents an important step in strengthening the geographical expansion of the company and is fully aligned with its growth strategy through the offer of integrated Telecom and IT solutions, focusing on the B2B segment, which represents more than 60% of Algar Telecom's business all over the country," it said.
