Brazilian telecommunications company Oi, in compliance with the Brazilian Corporate Law, has successfully concluded the sale of tower infrastructure - Lemvig RJ Infraestrutura e Redes de Telecomunicacoes (SPE Torres 2), a special purpose vehicle, to NK 108 Empreendimentos e Participacoes (NK 108) - an affiliate of Highline do Brasil II Infraestrutura de Telecomunicacoes (Highline), according to a Market filing.
Successful completion of SPE Torres 2 sale
First announced in August 2022, this transaction closure marks a significant milestone in Oi's ongoing restructuring process aimed at achieving greater financial efficiency and long-term sustainability. The deal includes around 8,000 fixed-operation Telecommunications Infrastructure Sites.
Following the fulfilment of all contractual precedent conditions and conditions set by the Agencia Nacional de Telecomunicacoes - ANATEL, the sale of all shares representing the entire capital stock of SPE Torres 2 has been completed, according to the statement.
Winner of competitive procedure
NK 108 emerged as the winner of the competitive procedure conducted on August 22, 2022, within the framework of the first judicial reorganization of the Oi Group. The authorization for the sale to NK 108 was granted by the judge overseeing the first judicial reorganization, as stipulated by the Brazilian Bankruptcy Law and in accordance with the Amendment to the Judicial Reorganization Plan.
As part of the transaction, NK 108 has made a cash payment of around BRL 905.1 Million to Oi on the closing date. This amount corresponds to the Preliminary Purchase Price adjusted for deductions and withholdings as specified in the Sale and Purchase of Shares Agreement and Other Arrangements, which were entered into on December 7, 2022, and subsequently amended.
Oi's focus on core operations and growth
According to the official release, the completion of this sale represents another significant step in Oi's restructuring journey as it strives to enhance its financial efficiency and long-term sustainability.
Oi says its strategic focus now lies on executing its core operations, including expanding services through optical fibre and offering IT solutions through Oi Solucoes, particularly in the corporate market.