Oi is notified by TIM, Vivo and Claro to return BRL 3.18 billion

Oi is notified by TIM, Vivo and Claro to return BRL 3.18 billion

Operators that bought the company’s mobile operation, which is undergoing judicial recovery, point out that they paid R$ 3.2 billion more than they should have in the operation.

Oi (OIBR3), undergoing judicial reorganization, informed this Monday, 19, via material fact, that it was notified by TIM Brazil (TIMS3), Telefónica-Vivo (VIVT3) and clear to return R$ 3.1 billion, corresponding to the final value (post-closing adjustment) of the sale of the telephone company’s mobile unit, which took place last April. After the disclosure of the material fact, Oi shares have already dropped 9.43%.

According to the notification, the buyers claim that they paid R$ 3.1 billion more than they should for the operation. higher than the total amount retained by Oi of R$ 1.4 billion. Therefore, the buyers point out that they should keep the entire amount withheld, and R$ 634.3 million would correspond to the amount to be withheld by TIM; R$488.4 million corresponding to the amount to be withheld by Telefônica; and R$324.6 million corresponding to the amount to be withheld by Claro.

The operators also argue that Oi should return the difference between the final value of the transaction to the buyers and the amount retained by the company. Of the total of R$1.7 billion, R$768.9 million is equivalent to the amount that must be returned to TIM; and R$587 million corresponds to the amount to be returned to Telefônica; and R$ 383.4 million the amount to be returned to Claro.

Oi communicates that it “strongly” disagrees with the value calculated by the competitors and the refund request, noting that the calculation “presents procedural and technical errors, with errors in the methodology, criteria, assumptions and approach adopted by the buyers and their economic advisor KPMG”.

In addition, it points out that the buyers did not comply with the terms and conditions of the transaction documents, not submitting mandatory documents and information for the post-closing adjustment notification, as expressly required in the transaction documents.

As a result, the company states that it will adopt all appropriate measures in relation to the notification and
consequently to the repair of loss and damages eventually caused to Oi, such as the eventual exercise of its right to present to the buyers a notice of disagreement regarding the post-closing adjustment, within a period of 30 business days from the receipt of the notification.

After this period, operators may seek an agreement. If no consensus is reached, the
Seller or Buyers may request that the adjustment determination be submitted to an independent auditing firm for a final determination.

The company informs that it also received from the buyers, on September 17, a notice of indemnification, in which the competitors ask for the amount of R$ 353.2 million. The company informs that it also disagrees with the amount presented and will explain the reason for the disagreement within 10 working days. After this period, Oi and the buyers will have five working days to try to reach an agreement. If they do not reach an agreement, the conflict can be resolved by arbitration.

Source; Exam

Related post

Monashees doubles down on startup that helps mechanics discover components;  spherical is BRL 76 million

Monashees doubles down on startup that helps mechanics discover…

Mecanizou received support in a round led by Monashees; Série A had the participation of Alexia Ventures, FJ Labs and Dalus…
15 franchises to spend money on the Schooling section from BRL 8.5 thousand

15 franchises to spend money on the Schooling section…

Check the initial investment, average monthly revenue and payback period for educational services franchises O education segment has a high return…
UBS closes buy of Credit score Suisse for $3.2 billion

UBS closes buy of Credit score Suisse for $3.2…

UBS has agreed to assume up to $5.4 billion in losses in a merger engineered by Swiss authorities to avoid further…

Leave a Reply

Your email address will not be published. Required fields are marked *