By Reuters Staff
2 Min Read
BRASILIA (Reuters) - The Brazilian unit of Spanish telecom Telefonica SA said on Tuesday that it had agreed with Canadian pension fund CDPQ to create a joint venture to develop a “neutral and independent” wholesale fiber optic network in Brazil.
According to a securities filing, Caisse de dépôt et placement du Québec (CDPQ) will invest up to 1.8 billion reais ($317 million) in the venture, receiving a 50% voting share. Telefonica Brasil will have a 25% voting stake, while Telefonica Infra, another subsidiary of the Spanish company, will have the remaining 25% share.
The new venture, called FiBrasil Infraestrutura e Fibra Ótica S.A., aims to reach 5.5 million households within 4 years.