Oi sells GlobeNet to BTG Pactual for over BRL 1.7 bln

News Broadband Brazil 16 JUL 2013
Oi sells GlobeNet to BTG Pactual for over BRL 1.7 bln

Brazilian telecom group Oi has agreed to sell its stake in Brasil Telecom Cabos Submarinos and its subsidiaries, located in Venezuela, Colombia, Bermuda and the United States (jointly known as GlobeNet) to Brazilian investment fund BTG Pactual. The acquisition price reaches BRL 1.745 billion, subject to certain adjustments stipulated in the contract.

The transaction involves the transfer of a 22,500 km system of fibre-optic submarine cables held by GlobeNet, composed of two rings of protected submarine cables, linking connection points between the US, Bermuda, Colombia, Venezuela and Brazil, as well as supply of capacity by GlobeNet to Oi and its direct and indirect subsidiaries through a fixed-price long-term contract with volume guarantees.

Categories:

Fixed

Companies:

Brasil Telecom,  Oi,  GlobeNet

Countries:

Brazil

Tags:

Internet Access, M&A buyouts & divestments

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