Brazil’s embattled operator Oi has sold its mobile assets to the sole party that bid on them – a consortium of rival operators Claro Brasil, Telefonica Brasil (Vivo) and TIM Brasil.
The consortium’s final offer had a total value of BRL16.5 billion (USD3.25 billion), with BRL756 million being paid directly to Oi for “transition services”, reports CommsUpdate. A further BRL819 million will be paid for long-term “transmission capacity”.
The bid has received approval from the Judicial Administrator and the Government Attorney’s Office of the State of Rio de Janeiro, clearing the way for it to be ratified by Brazil’s Judicial Reorganisation Court.
However, the deal still requires approval from Brazil’s regulator Anatel, as well as CADE (Conselho Administrativo de Defesa Economica / Administrative Council for Economic Defence).