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VIV - Telefonica Brasil SA News Story

$7.98 0.2  2.7%

Last Trade - 05/03/21

Large Cap
Market Cap £13.02bn
Enterprise Value £13.97bn
Revenue £5.48bn
Position in Universe 617th / 6651

UPDATE 1-Telefonica, TIM and Claro in exclusive talks for Brazil's Oi mobile assets

Fri 7th August, 2020 11:07pm
(Adds background)
    By Carolina Mandl
    SAO PAULO, Aug 7 (Reuters) - TIM Participacoes  TIMP3.SA ,
Telefonica Brasil  VIVT4.SA  and America Movil's Claro  AMXL.MX 
on Friday won exclusive rights to negotiate the purchase of
Brazilian telecoms firm Oi SA's  OIBR4.SA  mobile assets, three
sources familiar with the matter said.
    The agreement would give the companies, which operate the
country's top cellular phone service providers, the right to
match any other higher bid for bankrupt Oi's cellular operations
that other parties could make later.
    In July, the three telecoms presented a 16.5 billion reais 
($3.03 billion) bid for the assets, after Highline do Brasil, a
portfolio company of U.S. private equity firm Digital Colony,
submitted the best offer and gained exclusive rights to
negotiate in an initial round. As Highline decided not to raise
its offer, those exclusive talks ended this Monday.
    It is unclear yet whether the telecoms firm changed their
earlier proposal to gain exclusivity.
    Oi is selling a series of assets to raise funds to repay
creditors and exit bankruptcy protection.
    Oi and the other telecoms firm did not immediately comment
on the matter.

($1 = 5.4384 reais)

 (Reporting by Carolina Mandl; Editing by Christian Plumb)
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