The company, based in Lisboa, is the leading telecommunications and multimedia services provider in Portugal. The Group's principal activities are the operation of public exchange telephone line networks, domestic and international transmission facilities, mobile telephone services, paging, data communication, telex, leased lines, Internet, cable television broadcasting and other related activities. Portugal Telecom also owns stakes in international telecom companies, including the Vivo joint venture with Telefonica Moviles, which is the leading wireless communications provider in Brazil.The firm is not only Portugal's largest telecommunications company; it is also Portugal's largest company. Lisbon-based Portugal Telecom, formed in the privatization of the country's telephone services sector, provides a full range of fixed-line and wireless telecommunications services, including high-speed and ADSL-based voice and data transmission and mobile telephone services to the Portuguese market. Portugal Telecom claims to be one of the most efficient telecommunications providers in Europe, and has one of the lowest net debt-to-earnings ratios in the sector. It also remains the dominant telecommunications group at home, controlling 92 percent of the country's fixed-line services, 80 percent of data transmission traffic, 52 percent of the mobile telephone market, and 84 percent of the cable television market. Portugal Telecom, however, has been transforming itself into a global telecommunications group in the early 2000's, targeting the Latin American market, and specifically Brazil, for its future expansion. Moreover, the company also operates in China, Angola, Cape Verde, Morocco, Timor Kenya, Mozambique, Macao and Hungary. The company aims to provide telecommunications and multimedia services of reasons value to clients, through a continuous technological improvement with qualified and motivated employees. It started its business when Portugal was accepted into the European Community in 1986. In that year, the government commissioned a study of the industry, resulting in a series of recommendations that led to the adoption of a new Basic Telecommunications Law in 1989. The new legislation represented a landmark in the Portuguese telecommunications industry and pointed the way to the creation of a single national company, Portugal Telecom. By 1994, the company had completed a series of mergers among its subsidiaries, resulting in the fusion of Telecom Portugal, TLP, CPRM, and TDP into a single, national telecommunications company.
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