Nearshore Americas

Russian Mogul to Invest $4B in Brazil Telecom?

Russian oligarch Mikhail Friedman is making overtures to pump some $4 billion into Brazilian telecom Oi, news that sent the company’s stock price up 17% on Monday. For a nation that officially entered recession earlier this year, the billionaire and his LetterOne holding company’s move into South America, which may mean a merger of Oi and Telecom Italia, couldn’t come at a better time. And this just goes to show that Brazil’s huge economy still offers a world of potential. “Some sectors are still very attractive despite the economic crisis,” Guide Investimentos analyst Rafael Ohmachi told Bloomberg.

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Jared Wade

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