Carlos Baigorri, the president of the National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel), has told local journalists that cash-strapped Oi cannot dispose of its stake in fibre firm V.tal while it uses some of the concession’s reversible assets. According to the official, Oi must remain faithful to the agency’s resolution 101/99, which defines a controlling company as an entity that entitled to at least one seat on the board of directors, is able to appoint directors and can veto bylaws or contracts. Baigorri commented: ‘A dilution of V.tal is possible, but it cannot be such that Oi ceases to be the company’s controlling shareholder.’
Oi filed a request for judicial reorganisation with the 7th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro on 1 March 2023, and rumours have swirled in recent months suggesting that the telco is considering cashing in on its stake in the fibre provider to ease its debt situation.
V.tal – which was spun off from Oi in 2022 – currently presides over 450,000km of terrestrial optical fibre which connects more than 2,380 municipalities in Brazil. The initial spin-off was spearheaded by Globenet and BTG, and in November 2022 the Canada Pension Plan Investment Board agreed to pay BRL2.5 billion (USD462 million) for a 9.5% stake in the new company. Oi’s stake in V.tal is now believed to be around 30%.