PRIVATE EQUITY DEAL: BTG Infrastructure Fund/GlobeNet

PRIVATE EQUITY DEAL: BTG Infrastructure Fund/GlobeNet

Corporate & Sovereign Strategy

When Brazilian telecom Oi sought a way to tidy up its balance sheet in early 2013, it looked to monetize its non-core assets. It found just that solution with the sale of its undersea cable operation, Brasil Telecom Cabos Submarinos, known as GlobeNet, which holds 22,500 kilometers of cables connecting Bermuda, Brazil, Colombia, the US and Venezuela. The buyer was an infrastructure fund owned by BTG Pactual — BTG Pactual Infraestrutura II Fundo de Investimento em Participações — which agreed to buy the cable company for 1.75 billion reais ($770 million). This includes a guarantee by Oi to pay for its use under a long-term take-or-pay contract. The purchase was one of the few sizeable pri

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