SAO PAULO (06/01/2000) - Organizações Globo SA and Telecom Italia SA announced today a strategic Internet partnership with the Italian carrier saying it will buy 30 percent of Globo.com's shares for US$810 million. The deal valued the Brazilian dot-com company at $2.7 billion.
The partnership between two firms will include offering Web services for Hispanic users inLatin America, including WAP (wireless application protocol) access through companies in Brazil that Telecom Italia has a controlling stake in such as Maxitel, Tele Celular and Tele Nordeste Celular. Today, these operators have around 3 million subscribers in Brazil.
Globo.com is one of the companies of Organizações Globo, the number one television and media market in Brazil.
"We are going to focus on strategic projects of Globo.com for broadband, satellite and cellular communications", said Roberto Irineu Marinho, Organizações Globo's vice president. The investment in Globo.com is the first one that the Italian carrier will make in the Internet's international market, according to Telecom Italia's Chairman and Chief Executive Officer Roberto Colaninno.
Globo's Web portal http://www.globo.com/ was launched here last March with major partners including Sul América Seguros, Americanas.com, Investshop, Bradesco Seguros, IBazar, Saraiva and MercadoLivre. The portal's goal is to reach 1 million users by the end of this year.