Brazil’s Oi ends exclusive talks with Digital Colony’s Highline: Source

SAO PAULO: Brazilian telecom Oi SA ended exclusive negotiations on Monday with Highline do Brasil, a portfolio company of U.S. private equity firm Digital Colony, for the sale of its mobile assets, a source familiar with the matter said.

Highline presented the best bid for Oi’s mobile unit on July 18, which had a minimum value established by the Brazilian telecom firm of 15 billion reais ($2.86 billion).

Four days later, however, telecoms operators TIM Participacoes, Telefonica Brasil SA and America Movil SAB de CV’s Claro submitted a joint 16.5 billion reais ($3.15 billion) new bid for Oi’s mobile assets, higher than Highline’s offer.