Brazil’s Oi has closed the sale of its tower unit to Highline after signing an initial agreement in November last year.
Yesterday (30th March), Highline (Highline do Brasil II Infraestrutura de Telecomunicacoes) paid RL861.758 million (US$149.262 million) in cash for all shares issued by the Tower Special Purpose Entity (SPE), reports CommsUpdate. It was the sole bidder for the unit.
An outstanding fee of BRL1.077 billion remains, which Highline will pay “after ascertainment procedures and certain adjustments that are common in transactions of this nature.”
Highline recently acquired Phoenix Tower do Brasil, making its deal with for Oi’s towers its second major infrastructure agreement in Brazil. The Phoenix deal saw Highline take over 2500 sites from Blackstone Tactical Opportunities.
Oi has been shifting its infrastructure assets as part of its debt management, having sold its data centre unit on 15th March. Titan Venture Capital e Investimentos was the buyer and sole bidder, paying an initial takeover fee of BRL250 million followed by BRL75 million to be paid in installments.