Globo has reached an agreement to buy HIG Capital's stake in Eletromidia, taking control of the out-of-home media leader and valuing the company at R$$ 4 billion.

Globo, which already owned 27% of Eletromidia, has now acquired 47.1% from HIG, which invested in the company as a private equity firm. The transaction was priced at R$$ 27 per share, a 47% premium to Monday's close and 51% to the weighted average of the last 90 trading sessions.

The transaction comes four months after UOL bought 29% of NEOOH, the second largest company in the sector, in a transaction that should include a path to control.