Brazilian operator Oi has granted the consortium formed by Telefonica Brasil (Vivo), TIM and Claro exclusivity in negotiations to sell its mobile business. They would also qualify as a 'stalking horse' bidder, with the right to top other bids received for the assets.
The agreement is initially effective until 11 August and will be automatically extended for equal and successive periods, unless otherwise indicated by any of the parties.
Oi earlier signed a similar agreement with Highline do Brasil but no definitive agreement was reached on the offer. The last known offer for the business was BRL 16.5 billion from the consortium Vivo, Claro and TIM.