Mexico’s Telmex announced plans to buy a stake in Net Servicos, Brazil’s largest MSO, AP reported.
The deal will be worth between $250 million-$370 million, according to AP.
Net Servicos is owned by Organizacoes Globo, Latin America's largest media company.
Telmex said it will acquire between 30%-60% of Net Servicos’ shares and shares of a holding company that will hold a majority of Net Servicos' voting stock.
Under Brazilian law, Telmex can't acquire a controlling stake in Net Servicos, but if the law changes, Telmex said, it has the right to buy a controlling stake in Net Servicos' new holding company from Globo, according to AP.