On Telecom invests in Brazilian 4G

07 August 2013 |

Brazilian telco On Telecom will invest a minimum of $218 million in its activities over the next three years.

The firm is looking to offer 4G services to homes and offices in the country in a bid to boost competition in the slowing internet provider market.

Billionaire George Soros is backing the company, and will invest a reported $150 million, according to Reuters.

The LTE network will initially be rolled out in parts of São Pauo, Brazil’s largest city.

Fares Nassar, chief executive at On Telecom, told reporters that the company may expand to other regions as and when Brazil offers further 4G licences.

In April this year, there were reported concerns over the quality of Brazil’s mobile phone services, and On Telecom is thought to be targeting Brazil’s underserved market, which major players have neglected.