Of course, TIM and Vivo want R$ 3.2 billion back after buying Oi Móvel – APK Games

The operators clear, TIMand Alive announced that they had “done the math” and asked for a reduction in the value of the Hi Mobile. Buyers say there are discrepancies in technical information about the assets and ask for a discount of approximately BRL 3.2 billion of the amount agreed upon during the acquisition. Oi, in turn, reported that it “strongly disagrees” with the request, pointing out errors in calculations and a mistake in methodology.

Oi Móvel was sold to Claro, TIM and Vivo (Image: Guilherme Reis / APK Games)

According to TIM, the three purchasers hired an independent economic and financial advisor to assist them in the procedures for the purchase of Oi Móvel.

During the analyzes and validations, the operator claims that “divergences were identified in assumptions and calculation criteria”. These documents, according to TIM, only arrived “after the closing of the transaction”.

Among the topics taken into consideration are: usual working capital and net debt adjustments, evidence of non-compliance with the minimum volume of investment expenditure (CAPEX) and the nature of Oi’s investment obligations.

TIM also mentions signs of non-compliance with obligations “related to maintaining a minimum share of the seller in the net additions of lines (activations of new lines minus disconnected lines) of the mobile telephony market”.

As we reported, the purchase of Oi Móvel was completed in February this yearbut the contract provided for an adjustment of accounts at the end of the process.

In fact, it would already have to return around BRL 1.447 billion to the operators, given that its buyers had withheld an amount for possible closing price adjustments or indemnities.

Now, in addition to this amount, the companies want Oi to return the value of the post-closing adjustment, around R$ 1.739 billion – of these, R$ 383.5 million would be for Claro, R$ 587 million for Vivo and R$ $769 million would go to TIM.

What does Hi say?

In a statement, Oi said it was “surprised” by the notification from its buyers about the amount of the post-closing price adjustment of the sale.

“The company strongly disagrees with the values ​​​​presented by the buyers and will take all appropriate measures to enforce their rights”, he informed.

The operator said it understood that the adjustment could happen, but saw “a series of technical and procedural errors, in addition to mistakes in the methodology, criteria, assumptions and approach adopted.”

For her, the adjustment is “out of any reasonable basis” and concluded by saying that “the notification […] lacks several elements necessary for the post-closing adjustment process.”

Hi store
Oi store (Image: Publicity)

Now, the company has 30 working days to present a formal disagreement, but it has already said that it will adopt the “appropriate measures”.

In addition to this reduction, which totals R$3.2 billion, Claro, TIM and Vivo also requested an additional R$353 million in compensation for the review of assets.

Oi said it will file a formal objection and provide documents and information within the established deadline, which is 10 working days.

After that, the company has five more days to reach an agreement with its rivals, before the case ends in court.

With information: telesynthesis, Digital Convergence, InvestNews


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