Highline swoops for Oi towers

摘要

Cash-strapped Brazilian telecoms giant Oi has confirmed that it has agreed to sell its tower unit to Highline do Brasil Ⅱ Infraestrutura de Telecomunicacoes (Highline), which presented the sole acquisition proposal for the assets. The binding offer for UPI Towers (the 'isolated production unit' comprising the telco's tower assets) was valued at BRL1.067 billion (US$199.6 million) and will paid in cash instalments. The Judicial Reorganization Court has ratified the sale agreement, but the transaction still requires approval from the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Economica,CADE).