TIM, Telefónica and Claro enter binding offer for Oi’s mobile assets

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TIM confirms 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 news followed the announcement last month that Brazil’s Oi planned to sell its mobile unit for at least 15 billion reais ($2.9 billion). The decision was made as the telco will spin off four business units from its main operations as part of its ongoing bankruptcy protection proceedings.

Oi will create four units in towers, data centres, mobile assets and fibre infrastructure – all of which will be sold either partially or in its entirety.

The joint binding offer from TIM, Telefónica and Claro is subject to some conditions. This includes a “stalking horse” condition which grants the first bidders the right to match potential other bids as part of the competitive sale process of Oi Group's mobile business.

Should the deal go ahead, it will add value to all shareholders and clients by means of further growth, generation of operational efficiencies and service quality enhancement.

Additionally, the transaction will contribute to the development and competitiveness of the Brazilian telecoms industry.