Oi has confirmed that the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Economica, CADE) has approved the previously announced sale of its InfraCo unit to a consortium comprising BTG Pactual Economia Real Fundo de Investimento em Participacoes Multiestrategia and Globenet Cabos Submarinos.
CADE describes its decision as ‘final and unappealable’, although the transaction still requires approval from the National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel). In anticipation of the deal’s closing, InfraCo has been renamed V.tal.
As previously reported by CommsUpdate, the sale of InfraCo was agreed in January 2021, with the terms subsequently renegotiated April. A majority stake in InfraCo will be sold in a staggered transaction valued at BRL11.4 billion (USD2.2 billion).