Oi completes sale of mobile unit

Oi completes sale of mobile unit

M&A Equity Telecoms Mobile Brazil Mexico Italy Spain

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

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial