Permission for the deal was granted by Brazilian regulator, Anatel, following a change in the country’s law.
The law change allowed foreign control of cable carriers in the country while also banning broadcasters from controlling communications companies, forcing Globo to relinquish control of Net.
Before the change AM held 92% of Net’s equity but only wielded 49% of voting rights in the company.
Net holds a 26% share of the 15 million subscriber Brazilian broadband market. The market experienced 17.3% growth last year.
