Brazilian telecom firm Oi to sell fiber unit for 12.9 bln reais

Brazilian telecom company Oi SA OIBR4.SA said it would sell its Infraco fiber unit to funds managed by BTG Pactual SA BPAC3.SA for 12.9 billion reais ($2.37 billion), according to a securities filing on Friday.

Oi said the funds managed by BTG would pay 3.27 billion reais for 14.7% of the fiber unit in a new share issue, with another 6.5 billion reais paid to current shareholders for 29%.

Three months after the closure, the additional payments would be made to reach the full 12.9 billion reais value. Reuters