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TIM, Vivo, Claro seek $606 million haircut in Brazil’s Oi deal

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TIM, Vivo, Claro seek $606 million Brazil Oi deal haircut By Reuters

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Economy 5 minutes ago (Sep 19, 2022 13:56)

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© Reuters. FILE PHOTO: A logo of the mobile phone network company Claro is seen in Bogota, Colombia December 12, 2019. REUTERS/Luisa Gonzalez
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SAO PAULO (Reuters) -TIM SA, Telefonica (BME:TEF) Brasil and Claro have asked that the price of their deal to buy rival telecom Oi SA’s mobile operations in Brazil be lowered by 3.2 billion reais ($605.05 million), securities filings showed on Monday.

Telecom Italia (BIT:TLIT)’s TIM, America Movil’s Claro and Telefonica’s Vivo had agreed to acquire Oi’s mobile operations in an auction in late 2020 with a joint bid of about 16 billion reais.

However, post-deal analysis showed the need for an adjusted closing price, TIM said in a securities filing, citing divergences in working capital, capital expenditure and net adds data that were seen in documents available only after closing.

In a separate filing, Oi said it strongly disagreed with the request to cut the price by about a fifth, which it dubbed as based on technical and procedural errors, and that it will take measures to contest it.

($1 = 5.2888 reais)

TIM, Vivo, Claro seek $606 million Brazil Oi deal haircut

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