TIM, Telefonica and Claro granted right to match higher Oi mobile bids

News General Brazil 8 SEP 2020
TIM, Telefonica and Claro granted right to match higher Oi mobile bids

TIM Brasil, Telefonica Brasil (Vivo) and Claro (America Movil) have been granted the right to match higher bids for the mobile assets of Brazilian operator Oi. Oi also announced that its creditors have approved the proposed changes to its debt restructuring plan.

Under the so-called "stalking horse" agreement, the bidders now have the "right to top" any higher third-party bids submitted during the competitive process. The three operators have been in exclusive talks with Oi since last month after filing a joint BRL 16.5 billion offer for the company's mobile assets, also including a long-term contract to use its fibre network. 

The mobile business is the biggest asset Oi has put up for sale, along with passive infrastructure and its DTH TV business. The company is hoping the proceeds from the divestments can help reduce its debt and support plans to invest in fibre broadband and IPTV. 


 

Categories:

General

Companies:

America Movil,  Claro Brasil,  Oi,  Telefonica Brasil,  TIM Brasil,  Vivo

Countries:

Brazil

Tags:

M&A buyouts & divestments

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