Brazilian operator Oi has signed an exclusivity agreement with Highline after it submitted the best binding offer for the acquisition of Oi's mobile telephony operation. Oi said the offer was above its minimum price, but did not provide further details. The exclusivity agreement is effective until 3 August and may be extended.
The agreement should help ensure quick, secure negotiations on the bid, Oi said. Once the talks are completed, Highline will qualify under the 'stalking horse' procedure to match any higher bids Oi may receive for the assets. At least one other bidder is interested - the consortium of mobile operators Vivo, Claro and TIM Brasil.
Oi earlier confirmed that Highline had made an offer for its mobile towers. Highline is controlled by the private equity company Digital Colony, which may be working with the operator Algar Telecom on the offer, according to reports. After the acquisition, Highline could hold on to the passive infrastructure and sell on the customers and services business to Algar.
