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

SAO PAULO: Brazilian telecom company Oi SA said it would sell its Infraco fiber unit to funds managed by BTG Pactual 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.