SAO PAULO, Brazil, Dec. 5 /PRNewswire-FirstCall/ -- Net Servicos de Comunicacao S.A. (Bovespa: NETC3 NETC4) (Latibex: XNET), the largest multi-service Pay-TV operator in Latin America offering Broadband Internet access ("Virtua") and voice services ("Net Fone via Embratel"), announces that it has completed the Acquisition of the Minority Interest in the capital of Vivax ("Vivax") in accordance with the Material Fact dated October 12, 2006.
NET acquired all the shares held by Horizon Telecom International LLC ("HTI"), becoming the holder of 36.7% of Vivax capital, 14.6% directly and 22.1% indirectly, through a minority interest in Brasil TV a Cabo Participacoes S.A. ("BTVC").
The Acquisition of said Minority Interest took place via the issue of 1,355,713 common and 23,010,140 preferred shares. Globo Comunicacao e Participacoes S.A. ("Globo"), Embratel Participacoes S.A. ("Embratel") and the respective subsidiaries retaining shares in NET ceded their pre-emptive rights to the preferred shares in favor of HTI.
NET's common shareholders subscribed and paid in, in cash, all the common shares issued through the exercise of their pre-emptive rights and leftovers. NET's preferred shareholders subscribed and paid in, in cash, 2,988,032 of the preferred shares issued, corresponding to 12.98% of the total issued. HTI subscribed and paid in the remaining preferred shares with Vivax and BTVC shares, as part of the agreement for the Acquisition of the Minority Interest.
As a result, HTI will receive 20,022,108 preferred shares and R$65,856,255.28 in exchange for its interest in Vivax and BTVC. The cash amount received by HTI refers exclusively to the proceeds from the subscription of the preferred shares by NET shareholders exercising their pre- emptive rights.
As previously stated in the Material Fact dated October 12, 2006, the implementation of the Acquisition of Control of Vivax by NET, is subject to the approval of the Brazilian National Telecommunications Agency - ANATEL. NET will keep its shareholders, the market and other interested parties informed about the implementation of the main steps in the Acquisition of Control of Vivax.
CONTACT:
Marcio Minoru Miyakava, phone (5511) 2111-2811 and e-mail:
© 2006 PR Newswire
