Portugal Telecom Buys Zip.Net
LISBON, Portugal (AP) _ Moving to strengthen its presence in Portuguese language sites on the Internet, Portugal Telecom announced Wednesday it is acquiring the Brazilian Internet company Zip.Net for $365 million in cash and stock.
Zip.Net is Brazil’s third largest portal and owner of the largest Latin American e-mail subscriber base, the Portuguese telecommunications concern said in a statement.
PT Multimedia, PT’s Internet and cable television unit, is trying to build market-leading portals and is developing electronic commerce opportunities in the Portuguese-speaking world, a market of more than 175 million people.
With Zip and sapo.pt, its portal in Portugal, PT Multimedia aims able to package Portuguese content and achieve market leadership, the company said.
Zip focuses exclusively on Brazil, and has 2.6 million e-mail accounts. Some 500 companies use Zip for web hosting.
The company also has several exclusive contracts for content, agreements with 30 online shops and a joint venture with soccer star Pele to build a sports-oriented Web site.