Salem Radio Network News Thursday, August 5, 2021

Business

Brazil’s Oi says court rules fiber unit to be sold to BTG funds

BRASILIA (Reuters) – Brazilian telecom Oi SA said on Wednesday it had received the go-ahead from a court to sell a majority stake in its fiber optic business to funds managed by Banco BTG Pactual.

Oi, which filed for bankruptcy protection in 2016 and has since been selling assets to pay creditors, said the court had determined there were no other bids on the table.

Oi in April accepted a 12.9 billion reais ($2.5 billion) offer for a 57.9% stake in its fiber optic business from BTG’s funds. Other parties, however, still had the right to make bids although BTG’s funds had the right to match any offer.

($1 = 5.23 reais)

(Reporting by Jamie McGeever; Editing by Edwina Gibbs)

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