Brazilian publishing group Globo has sold a 30% stake in its internet portal Globo.com to Telecom Italia for a massive $810 million – Latin America’s largest internet deal to date.

The Italian telecoms giant will launch Globo.com's access services and content in Spanish-speaking markets across the region, at the same time introducing cellphone internet services via its two Brazilian subsidiaries, Tele Celular Sul and Tele Nordeste Celular.

Globo.com currently logs 700,000 visitors daily and accounts for around 30% of total Brazilian internet ad spend. Telecom Italia is equally prominent in Argentina, Bolivia, Chile, Cuba and Peru, representing some 10% of all Latin American telecoms traffic.

News source: Advertising Age - International Daily