Business

Brazil's Oi says court rules fiber unit to be sold to BTG funds

Brazil's carrier Oi will sell a majority stake in its fiber optic business to funds managed by Banco BTG Pactual

Photo: REUTERS/Paulo Whitaker/Files
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  • Oi filed for bankruptcy protection in 2016 and has since been selling assets to pay creditors;
  • Oi in April accepted a BRL 12.9 billion ($2.5 billion) offer for a 57.9% stake in its fiber optic business from BTG’s funds.

Brazilian telecom Oi said on Wednesday it had received the go-ahead from a court to sell a majority stake in its fiber optic business to funds managed by Banco BTG Pactual.

Oi, which filed for bankruptcy protection in 2016 and has since been selling assets to pay creditors, said the court had determined there were no other bids on the table.

READ ALSO: Brazil’s carrier Algar Telecom asks Brazilian antitrust watchdog to suspend Oi’s mobile assets auction

Oi in April accepted a 12.9 billion reais ($2.5 billion) offer for a 57.9% stake in its fiber optic business from BTG’s funds. Other parties, however, still had the right to make bids although BTG’s funds had the right to match any offer.

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