October 27, 2016 / 10:17 PM / 2 years ago

UPDATE 1-Brazil's Anatel approves swap of Telefonica fines for investment

(New throughout, adds vote result)

SAO PAULO, Oct 27 (Reuters) - Brazilian telecom watchdog Anatel approved an agreement with Telefonica Brasil to swap outstanding regulatory fines for investment commitments, after a recommendation by Anatel official Igor de Freitas.

Anatel approved the agreement, with the panel charged with the decision voting 4 to 1.

The recommended agreement involves a 4.87 billion reais ($1.54 billion) investment to improve service quality, Freitas said during a hearing on the matter Thursday. The agreement is valid for four years. (Reporting by Maria Carolina Marcello; Writing by Ana Mano; Editing by Cynthia Osterman)

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