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Under terms of the deal, Oi will sell up to $3.1 billion innew stock and use proceeds to cut debt. Portugal Telecom will inturn contribute its assets, excluding its stake in Oi, and own38 percent of CorpCo. Oi will have as much as 30 percent of thenew company and other investors such as investment bank GrupoBTG Pactual SA and a number of Brazilian pensionfunds will own the rest.
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