Brazilian Telebras SA and Spanish IslaLink signed on Tuesday (June 30) an agreement for the construction of submarine cable linking the South American continent with Europe.
The joint venture will consist of Telebras with 35% interest, IslaLink with 45% and a third Brazilian holder to be determined later, with 20% interest.
The agreement was signed by the president of Telebras, Jorge Bittar, and the president of IslaLink, Alfonso Gajate, in front of by the Minister of Communications, Ricard Berzoini.
The ceremony also was attended by the ambassador of the European Union, Ana Paula Zacarias, and the ambassador of Spain, Manuel de la Cámara Hermoso.
Bittar pointed out the importance of submarine cable for Brazilian and European communications, facilitating data traffic between the two continents.
He also informed that the cable will have a length of 5875 km, linking the cities of Fortaleza and Lisbon.
The president of IslaLink, Alfonso Gajate also stressed the importance of submarine cable for European and South American connections, remembering that there is a pent-up demand for use by many companies, organizations and academic and scientific institutions.
The cable will provide more than 30 terabits per second (Tbps) of capacity and will require a $185 million investment to link Brazil to Europe.