TIM, Telefônica and Claro up their bid for Oi's mobile assets

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Having looked like it was out of the running after a counter offer by Digital Colony, the operators come out fighting to secure the Brazilian prize.

Digital Colony owns Brazilian towerco Highline do Brasil II Infraestrutura de Telecomunicacoes and was understood to have outbid the operators with a higher bid above the rumoured minimum price of about $2.93 billion (€2.51 billion). Not only that, reports suggested that Highline would henceforth be in exclusive talks to seal the deal.

Brazil’s main mobile network operators are Highline customers and Highline is also believed to have submitted a binding offer for Oi’s tower business.

Increased binding offer

However, TIM’s statement says its Brazilian subsidiary TIM SA, has today presented an updated version of the binding offer for the acquisition of the Oi Group's mobile business, with Telefônica Brasil and Claro.
 
It says the offer confirms TIM's interest in the acquisition of the Oi Group's mobile assets and its commitment to the development of the telecommunications system in Brazil, given its consolidated global experience in the sector and its deep knowledge of the Brazilian market.
 
If successful, the operation will bring benefits to shareholders and customers thanks to the further expected growth, expected synergies and improved service quality. In addition, the initiative is expected to contribute to the development and competitiveness of the telecommunications sector in Brazil.

TIM will continue to closely monitor the evolution of the situation and will inform the market in accordance with the applicable regulations.