April 22, 2022 |
Brazilian telecommunications company Oi has wrapped up the sale of its mobile phone division to TIM Brasil, Vivo and Claro for BRL15.9 billion ($3.44 billion), it said in a securities filing.
The buyers – the only nationwide wireless operators in Brazil – covered 90% of the purchase price with cash and retained the remaining 10% for up to 120 days to allow for any post-sale adjustments or other obligations, Oi said in the filing on Wednesday.
Rio de Janeiro-based Oi filed for bankruptcy in 2016
Brazilian telco closes a deal with TIM Brasil, Vivo and Claro for $3.4 bln