Brazil competition regulator signals ‘complex’ path for Oi sale approval

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The logo of Brazilian telecoms company Oi SA is pictured inside a store in Sao Paulo
FILE PHOTO: The logo of Brazilian telecoms company Oi SA is pictured inside a store in Sao Paulo, Brazil July 18, 2018. REUTERS/Paulo Whitaker

July 23, 2021

SAO PAULO (Reuters) – The superintendence of Brazil’s competition regulator Cade said on Friday it viewed an asset sale by Brazilian telecom Oi SA as “complex,” suggesting that TIM, Telefônica Brasil and América Móvil’s Claro may struggle to wrap up a quick sale.

The three companies won an auction to buy Oi’s mobile network operations for 16.5 billion reais ($3.17 billion) in December, pending regulatory approval, after Oi filed for bankruptcy protection in 2016.

The decision by Cade’s superintendence informs whatever final move the full board of the regulator may give.

($1 = 5.2006 reais)

(Reporting by Gabriel Stargardter; Editing by Chris Reese)