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Large Cap
Market Cap £33.05bn
Enterprise Value £57.43bn
Revenue £36.22bn
Position in Universe 270th / 6846

TIM, Telefonica and Claro get preferential status in bid for Oi's mobile assets -filing

Tue 8th September, 2020 2:02am
SAO PAULO, Sept 7 (Reuters) - TIM Participacoes  TIMP3.SA ,
Telefonica Brasil  VIVT4.SA  and America Movil's Claro  AMXL.MX 
won the right to match any other higher bid for the mobile
assets of Oi SA  OIBR4.SA , the companies said in a securities
filing on Monday.
    Such a purchase agreement is known as "stalking horse" and
acts as an opening offer that other interested bidders must
surpass if they plan to buy the assets.
    The telecoms trio has been in exclusive talks with Oi since
Aug. 7, after presenting a joint 16.5 billion reais ($3.11
billion) bid for the company's cellular operations, including a
long-term contract for the use of its fiber network valued at
819 million reais. Oi plans to auction that unit by year-end. 
    Oi, which filed for bankruptcy protection in 2016, is
selling a series of assets to raise funds to repay creditors.
    It will hold a creditor assembly on Tuesday to approve its
amended plan, including the sale of its mobile assets.

($1 = 5.2995 reais)

 (Reporting by Carolina Mandl; Editing by Peter Cooney)
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