Pinheiro Neto advises Piemonte in Oi Group unit acquisition

Pinheiro Neto Advogados has steered Piemonte on the whole process of purchase an isolated productive unite from Oi Group

Pinheiro Neto advised Piemonte on the acquisition of Oi Group data centres held by an isolated productive unit (unidade produtiva isolada), as defined in Law No. 11101 of February 9, 2005 (the “Bankruptcy and Judicial Recovery Law”). The method to complete the purchase was the acquisition of 100% shares of Drammen RJ Infraestrutura e Redes de telecomunicações S.A. capital stock, of approximately $64 million, through a competitive process under the judicial recovery process of the Oi Group.

Pinheiro Neto represented Piemonte Holding de Participações S.A. through its wholly-owned private equity vehicle Titan Venture Capital e Investimentos Ltda. as the buyer in the transaction and related financing.

Piemonte has activities in multiple sectors, including investments in data centres in Brazil. The case was challenging because Piemonte is also active in the market of the acquired assets. Also, Oi is currently under a reorganization process, and the acquisition was implemented through a public tender under court supervision. And, nonetheless, CADE and ANATEL’s clearances had to be obtained expeditiously so that the transaction may move forward in its tight timeframe. Besides, the data centre industry is one of the sectors that have faced a significant increase during the Covide-19 pandemic, as the use of data centres had increased with people working remotely and with the rise of the online transactions. 

Pinheiro Neto Advogados team was formed by Corporate and M&A Partner Ricardo Coelho, Corporate Restructuring Partner Luiz Fernando Paiva, Telecom Partner Raphael de Cunto, Antitrust Partner José Alexandre Buaiz Neto, Antitrust Partner Daniel Costa Rebello, Tax Partner Luciana Galhardo, Labour Partner Luís Mendes, Corporate and M&A Counsel Marcos Proença, Corporate Restructuring Senior Associate Fernanda Piva, Antitrust Senior Associate Alessandro Giacaglia, Tax Senior Associate Pedro Asseis, Real Estate Senior Associate Igna Gramani Graziano, Corporate and M&A Associate Pedro Icaro Lopes Vargas, Antitrust Associate Luana Graziela Alves Fernandes, and Telecom Associate Carolina Araujo Andraus.