Brazilian telecoms group Oi has informed its shareholders that it has renegotiated the terms of its previously agreed InfraCo sale. BTG Pactual Economia Real Fundo de Investimento em Participacoes Multiestrategia and Globenet Cabos Submarinos have agreed to acquire a controlling stake in Oi’s infrastructure unit in a three-pronged transaction. The first instalment will see the acquisition of a 17.1% stake for BRL3.276 billion (USD575.6 million), while the second stage of the transaction will involve a 33.9% stake (BRL6.510 billion) and the third part of the deal will involve the transfer of a 7.2% stake (BRL1.618 billion).
A fourth stage of the transaction – to be completed within 90 days of the deal’s closing – will involve the incorporation of Globenet by InfraCo, through the issuance of new shares representing 6.8% of the capital of the infrastructure company and totalling BRL1.519 billion. After the Globenet merger BTG will hold shares representing 57.9% of InfraCo’s voting/capital stock, while Oi and its affiliates will hold the remaining stake.
TeleGeography notes that Oi has agreed a number of transactions in recent months as it seeks to reduce its enormous debt pile. In December a consortium comprising Telefonica Brasil (Vivo), TIM Brasil and Claro Brasil agreed to pay BRL16.5 billion for Oi’s mobile assets. In a parallel transaction, Oi agreed to sell its tower unit to Highline do Brasil II Infraestrutura de Telecomunicacoes (Highline), in a deal worth BRL1.067 billion.