New York (HedgeCo.Net) – George Soros’s private hedge fund is investing $150 million into the development of the 4G market in Brazil.
Industry resource TelecomPaper reports: “Brazilian start-up On Telecom has announced the launch of operations, with plans to offer a residential 4G service in parts of the State of Sao Paulo. The first tests were conducted in Itatiba, and the service should be expanded this year to Campinas and Sao Jose dos Campos. By the end of 2014, the plans call for coverage of another 133 municipalities in the state. The service functions as a traditional broadband connection, using a wireless router to connect to the 4G network.”
“Our total investment plan is 500 million reais ($217 million) over two to three years,” On Telecom chairman Zaki Rakib said at a press conference. “It’s only the beginning. Soros has confidence in us and in the growth of the Brazilian telecom market. We are exploring opportunities for further investment. We can wait, four, five, 10 years, we are in it for the long haul,” said Rakib.
Reuters reports that: “Last year Cayman Islands-based Soros Fund Management received regulatory approval to take over Brazil’s Sunrise Telecomunicaçoes, the holding that controls On Telecom. In September, Sunrise acquired broadcast rights for 4G frequencies covering 133 municipalities around Sao Paulo state.”
Alex Akesson
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