TIM has acknowledged that its subsidiary in Brazil TIM S.A., jointly with Telefônica Brasil S.A. and Claro S.A., has submitted a binding offer for Oi Group’s mobile business.
The joint binding offer remains subject to some conditions. In particular, the selection of the offerors as “stalking horse” (“first bidder”) condition which grants the offerors with a right to match potential other bids presented in the context of the competitive sale process of Oi Group’s mobile business.
The transaction, if completed, shall add value to all shareholders and clients by means of further growth, generation of operational efficiencies and service quality enhancement. Furthermore, the transaction shall contribute to the development and competitiveness of the Brazilian telecommunication industry.
TIM will continue to monitor closely the situation and will inform its shareholders and all the stakeholders in accordance with the relevant regulations.
Oi (Portuguese for “Hi”), formerly known as Telemar, is the largest fixed telephone operator and the fourth mobile telephone operator in Brazil, being the third largest telecommunication company in Latin America. It is headquartered in Rio de Janeiro. Oi’s major subsidiaries include Telemar and Brasil Telecom.
In 2013, Oi announced its merger with Portugal Telecom, the largest telecommunication company in Portugal, in order to strengthen the Brazilian firm and simplify its ownership structure. In June 2015 Portugal Telecom was acquired by Altice Group.