Analysis of Oi Movel sale extended by 90 days

27 Oct 2021

In Brazil, the General Superintendence (Superintendencia-Geral, SG) of the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Economica, CADE) has requested another 90 days to analyse the previously agreed sale of Oi Movel. According to TeleTime, the extension means that the transaction is now unlikely to close until February 2022.

According to TeleGeography’s GlobalComms Database, Oi’s mobile unit was sold at auction on 14 December 2020, generating a final bid of BRL16.5 billion (USD3.25 billion). The winning bidder was a consortium comprising Oi’s domestic rivals, Telefonica Brasil (Vivo), TIM Brasil and Claro Brasil. The Judicial Reorganisation Court duly ratified the offer and Oi went on to execute the ‘Agreement for the Purchase and Sale of Shares and Other Covenants’ on 28 January 2021.

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