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Telefonica Brasil unit TCloud signs deal to buy IPNET for up to $41 million

Reuters
·1 min read

SAO PAULO (Reuters) - Telefonica Brasil said on Monday in a securities filing that its unit TCloud signed a deal to buy cloud service firms IPNET and IPNET USA for up to 230 million reais ($41.29 million).

Telefonica Brasil, which is 75% owned by Spanish telecom giant Telefonica, said in the filing that the deal's total value is conditioned on financial and operational goals.

According to Telefonica, the deal will "expand TCloud's portfolio and strengthen its professional and managed services, allowing it to speed up and grow."

IPNET had a net revenue of 218 million reais in 2023, according to Telefonica.

The transaction still requires approval from Brazil's antitrust watchdog.

($1 = 5.5705 reais)

(Reporting by Luana Maria Benedito; Editing by Aida Pelaez-Fernandez and Brendan O'Boyle4)