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20 Jul 00 15:29 Telesp Celular establishes an agreement to acquire Ceterp Celular

Lisbon, Portugal, July 20, 2000 – Portugal Telecom (BVL: PTCO.IN; NYSE: PT), the Portuguese telecommunications company, today announced that its subsidiary Telesp Celular, the largest cellular operator in Brazil entered into an agreement with Centrais Telefónicas de Ribeirão Preto, S.A. (“Ceterp”) to acquire Ceterp Celular, the Band A cellular operator in Ribeirão Preto region, a medium sized metropolitan area in Northwestern São Paulo State with roughly 500,000 inhabitants.  As of December 1999, Ceterp Celular was estimated to have 61,000 clients.  The estimated ARPU for the whole 1999 was roughly R$ 65.

Under the agreement from today Telesp Celular will be responsible for managing the cellular service in Ribeirão Preto, according to Ceterp Celular’s concession terms and will benefit from the rights and obligations as the controlling shareholder.

As soon as all the required regulatory and corporate approvals are in place, Telesp Celular will implement an efficient structure to acquire the outstanding shares of Ceterp Celular.
Pedro Dias

Vitor Sequeira

Portugal Telecom
Tel.: + 351-21-5001701