Oi (OIBR3) jumps 5% with the end of the soap opera on the sale of mobile operations – Money Times

The sale should be sealed next Wednesday, 20 (Image: Money Times/Renan Dantas)

The actions of Hey are highlighted in this Thursday’s session (14).

At around 1:26 pm, ordinary papers (OIBR3) jumped 5.06% to R$0.83, while preferred shares (OIBR4) showed an increase of 3.32%, R$ 1.43.

The increase occurs amid the conclusion of the sale of mobile operations to Tim (TIMS3), Alive (VIVT3) and clearwhich dragged on for 16 months.

The sale in fact should be sealed next Wednesday (20), as reported by the company yesterday.

The auction for the sale of the asset took place in December 2020, and only received approval from the Administrative Council for Economic Defense (Cade) in February 2022.

In the evaluation of XPthe conclusion of the transaction is positive for all the players involved, especially for Oi (without coverage) and TIM.

“With the receipt of the funds, Oi must address its short-term commitments, in addition to obtaining part of the necessary funding for investment in fiber”, he says.

THE TIM should keep 40% of the 39 million customers of Hi Mobile54% of the total radio frequencies and 49% of the company’s websites.

Hi debt

THE Hey will finally be able to receive the money from the sale of its mobile networks, which will allow the company to reduce its billion dollar debt and approaching the end of the judicial recovery – which is expected to happen until May.

Of the total sale value, R$ 15.75 billion refers to the mobile network itself, with 90% being paid on April 20 and the remaining 10% going to an escrow account for payment of adjustments (if any).

The other R$750 million to be paid to Hey are the result of a service provision contract during the network transition phase and customer migration.

The sale is seen as fundamental for the tele to gain momentum and win its judicial recovery.

THE Hey entered into judicial recovery in 2016 after accumulating BRL 65 billion in debt with 55 thousand creditors.

Since then, the tele has managed to approve a recovery plan, which was later modified, including more asset sales, discounts on payments to creditors and extension of deadlines.

*With information from the State Agency

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