TIM, Telefonica and Claro Win Contract to Buy Mobile Business -- Update
15 Dezembro 2020 - 5:50AM
Dow Jones News
By Joshua Kirby and Olivia Bugault
Telecom Italia SpA said Tuesday that its Brazilian subsidiary
has, together with two other companies, been awarded the contract
to buy Oi Group's mobile business in the country.
TIM SA, also known as TIM Brasil, will invest around 7.3 billion
reais ($1.43 billion) in the transaction, which is worth a total
BRL16.5 billion. The company expects to finance the deal through
cash and the local debt market. Also participating in the
investment are Telefonica Brasil SA and Telecom company Claro.
Spanish telecommunications company Telefonica SA said Tuesday
that its subsidiary Telefonica Brasil will invest roughly EUR894
million in the deal, or about 33% of the total offer.
TIM Brasil will be allocated around 14.5 million customers in
the deal. The transaction is expected to be completed in 2021,
subject to certain conditions and authorizations.
Write to Joshua Kirby at joshua.kirby@dowjones.com and Olivia
Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
December 15, 2020 03:35 ET (08:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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