TIM Brasil, Vivo, Claro JV increases Oi bid to BRL16.5bn

28 Jul 2020

The Brazilian consortium comprising TIM Brasil, Claro Brasil and Telefonica Brasil (Vivo) has confirmed that it has submitted a new bid of BRL16.5 billion (USD3.2 billion) for the mobile assets of cash-strapped rival Oi. The increased offer comes after Oi overlooked the trio’s initial joint offer, in favour of a bid from US-backed tower firm Highline. Both parties submitted offers in the region of BRL15 billion in the first instance, but Oi has stressed that it will be receptive to whichever bid ‘provides greater legal assurances and certainty for the closing of the sale’. As per the terms of the new offer, the three mobile giants have requested ‘stalking horse’ (first bidder) status, which will guarantee them the right to make a higher bid than the best offer among the other offers presented.

Brazil, Claro Brasil (incl. Embratel & NET Servicos), Oi, Telefonica Brasil (Vivo), TIM Brasil