Oi Brazil Completes Sale of Infrastructure Sites to NK 108

Brazilian telecom company Oi completes the sale of SPE Torres 2 to NK 108, marking a significant step in Oi's ongoing restructuring efforts for greater financial efficiency.

Highlights

  • Oi concludes the sale of SPE Torres 2 to NK 108 as part of its restructuring process.
  • NK 108 emerges as the winner in the competitive procedure.
  • Cash payment of approximately BRL 905.1 million made by NK 108 to Oi.

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Oi Brazil Completes Sale of Infrastructure Sites to NK 108

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.




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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.

Also Read: Anatel Grants Approval for 5G Activation in 3.5GHz Band in 187 More Municipalities

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.

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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.

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Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.

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