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Petrobras also unloaded more than $4 billion in assets.

The acquisition of Portugal Telecom by Brazil’s largest telephone company, Oi, was the largest M&A of the year according to LBC’s latest list of Latin America’s Top 100 M&As. The $15 billion deal dwarfed any other M&A in the region last year, and will create a new company with almost $17 billion in annual sales that will help the company to better operate in the European and Latin American markets with greater access to capital, and easier negotiating with phone companies and suppliers – thereby reducing costs.  While the $15 billion merger was the largest on the list – more than three times as valuable as the second place merger of Repsol Peru by Royal Dutch Shell for $4.3 billion – it did not surpass the record-breaking $20 billion acquisition of Grupo Model by Anheuser Busch InBev in 2012.

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