Last week it appeared Digital Colony's Brazilian foray, Highline do Brasil, was poised to win the auction to buy Oi. Things have shifted quickly, however, and it now appears that a consortium backed by the Brazilian subsidiaries of America Movil, TIM, and Telefonica will come away with the prize.
Highline do Brasil had won a week's exclusivity to negotiate with the infrastructure company, with a price tag somewhere above $2.9B. However when that week was over, the exclusivity was gone and apparently not renewed. That leaves the consortium's $2.9B binding offer from three weeks ago as the deal on the table
Oi has been in a restructuring process at one stage or another since 2016. But the latest plan to create 4 units (towers, dta centers, mobile assets, and fiber) doesn't mean the process is anywhere near over. If Oi accepts the offer, it could just put the winners in the 'stalking horse' position of an auction process. Lots of talk and little action for 4 years work, but perhaps the end is in sight.
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