Telefonica Brasil (Vivo), TIM Brasil and Claro Brasil have confirmed that their joint acquisition of Oi Movel is scheduled to close on 20 April. A statement issued by Vivo noted: ‘The closing of transaction brings benefits to the company’s shareholders through the acceleration of growth and generation of efficiencies due to operational synergies, as well as to the customers, due to the improvement of the user experience and quality of the service provided and, finally, to the sector as a whole due to the reinforcement of investment capacity, technological innovation and competitiveness.’
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 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. The deal was approved by the National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel) and the Administrative Council for Economic Defence (Conselho Administrativo de Defesa Economica, CADE) in 1Q22.