Pinheiro Neto assists TIM on Oi mobile acquisition

Pinheiro Neto Advogados has counselled TIM Brasil on the bid made jointly with Telefónica Brasil and Claro

The bid submitted by TIM, together with Telefônica Brasil (VIVO) and Claro, has been declared the successful bidder in the competitive sale process for the purchase of Oi Group’s mobile assets.

The total value of the transaction rounds approximately €2.7 billion, in addition to the consideration offered to the Oi Group of roughly €134 million as net present value for the Take-or-Pay Data Transmission Capacity Contracts.

TIM Brasil will participate in the transaction with an investment of approximately €1.2 billion, to be paid at closing, and R$ 476 million relating to TIM Brasil’s share in the net present value of the contracts.

Under the purchase plan, TIM Brasil, Telefônica Brasil and Claro will allocate Oi’s mobile assets and, in particular, its customers, radio frequencies and mobile access infrastructure.

TIM Brasil will be assigned approximately 14.5 million customers (representing 40% of UPI Ativos Móveis’ total customer base), 54% of UPI Ativos Móveis’ radio frequencies, and about 7.2 thousand mobile access sites (representing 49% of UPI Ativos Móveis’ sites).

The transaction is expected to complete during 2021.

Pinheiro Neto team was led by partner Marcelo Viveiros de Moura (pictured left)m abd involved associate André da Costa Santa Ritta.

The legal aspects of the dossier were followed for Tim by an in-house team led by general counsel Agostino Nuzzolo (pictured right,) and composed of Riccardo Pettazzi and Carla Forcina. Linklaters supported the in-house team.