TIM, Vivo, Claro to open arbitration against Oi

Telefonica Brasil, TIM SA and America Movil’s Claro announced on Monday they will start an arbitration procedure against Brazilian telecom Oi OIBR3.SA for a breach of contractual terms over the sale of its mobile operations.

The three buyers had been seeking to lower the price they paid for the Oi division by 3.2 billion reais ($607.10 million), but Oi said it strongly disagreed with the request and would take measures to contest it.

“The buyers had no alternative but to file an arbitration proceeding with the market arbitration chamber of B3 SA against the seller to determine the effective amount of the price adjustment,” TIM said in a securities filing. Nasdaq