Oi executes sale of mobile unit

2 Feb 2021

Financially stricken Brazilian telecoms operator Oi has informed its shareholders that it has executed the ‘Agreement for the Purchase and Sale of Shares and Other Covenants’ relating to its mobile unit. On 14 December 2020 a consortium comprising Telefonica Brasil (Vivo), TIM Brasil and Claro Brasil agreed to pay BRL16.5 billion (USD3.25 billion) for the assets – which represented the sole bid received by Oi. The formal agreement was inked on 28 January 2021.

Going forward, the transaction is subject to approval from the National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel) and the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Economica, CADE).

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