The reports come after rumors that TIM Brasil was planning to buy Oi’s mobile assets in March 2020, with Telefonica and TIM forming a coalition with their respective Brazilian businesses.
By July 2022, TIM, Telefonica, and Claro had made a firm offer for Oi Group’s mobile division, which was worth an estimated around 15 billion reais ($2.9 billion).
The decision was made as part of the telco’s continuing bankruptcy protection proceedings, which would see it split out four business units from its main operations. The acquisition was granted by Brazil’s antitrust agency CADE in February 2022, following Anatel’s approval the week before. The closing date for the transaction has been set for April 20, 2022.
Once completed, the Brazilian market will also have a new ‘infrastructural balance,’ with three major operators ensuring a high level of competition, customer benefits, and enough investment in telecoms infrastructure and the country’s digitalization.
Earlier this month, TIM’s board of directors of has told Kohlberg Kravis Roberts (KKR) that it cannot see documents it needs in order to pursue a €10.8 billion takeover bid.
In related news, TIM has also announced that Alessandro Picardi, the company’s executive vice president, will soon assume the role of chair at the TIM’s subsidiary Olivetti, a hardware technology manufacturer.
As a result, Picardi, who will soon be leaving the Group is thanked for “the great work and results achieved, as well as for his significant managerial contribution made within TIM”.
To read our blog on “Ban on Telegram in Brazil has been lifted,” click here.