Globenet Cabos Submarinos S.A. agreed to acquire 33.9% stake in Brasil Telecom Comunicação Multimídia Ltda. From Oi S.A. (BOVESPA:OIBR4) for BRL 6.5 billion on April 12, 2021. BTG Pactual Economia Real and Participações, Globenet Cabos Submarinos S.A. signed the contract to acquire 29.16% stake in Brasil Telecom Comunicação Multimídia Ltda. for BRL 6.5 billion on October 1, 2021. The deal value to be paid in up to 3 annual installments, one of which at the Closing Date, and the others may, at Oi's discretion, be anticipated until December 2022. The Agreement also provides that, if Brasil Telecom Comunicação Multimídia Ltda. on the Closing Date, does not have the intercompany debt with Oi then additional BRL 1.5 billion will be paid along with BRL 6.5 billion for a stake of 35.88%. Oi has accepted the offer from Banco BTG Pactual S.A. (BOVESPA:BPAC3) and accordingly, BTG Pactual has become the ‘stalking horse'. The first instalment will see the acquisition of a 17.1% stake for BRL 3.276 billion, while the second stage of the transaction will involve a 33.9% stake (BRL 6.510 billion) and the third part of the deal will involve the transfer of a 7.2% stake (BRL 1.618 billion). A fourth stage of the transaction – to be completed within 90 days of the deal's closing – will involve the incorporation of Globenet by InfraCo, through the issuance of new shares representing 6.8% of the capital of the infrastructure company and totaling BRL 1.519 billion. After the Globenet merger BTG will hold shares representing 57.9% of InfraCo's voting/capital stock, while Oi and its affiliates will hold the remaining stake. The sale of the control of V.tal to Globenet Cabos Submarinos and funds took place after extensive renegotiations between the parties on the terms and conditions of the transaction. V.tal concentrates Oi's fixed infrastructure network, mainly optical fiber. Oi continues to be a shareholder in V.tal, with a 34.73% stake. The reversible assets of Oi as a traditional fixed telephony concessionaire (STFC), used to provide the public service, will continue in the reversibility regime. As a result of the renegotiations, BTG's funds will hold a stake of up to 65.27% in V.tal, and not 57.9% as provided for in the initial agreement. The value of the operation is BRL 12.92 billion.


The transaction requires approval from Cade and telecom regulator Anatel. As of July 8, 2021, the transaction is subject to approved by Administrative Council for Economic Defense and has been approved by Judicial Reorganization Court. The transaction is expected to be completed between the end of this year and the beginning of 2022. Further steps and payments will take place for incorporation of the company, resulting in the new shareholders having a 57.9% share of the voting and total capital of InfraCo. The conclusion of the operation depends on approval from antitrust body Cade and national telecommunications agency Anatel. As of October 18, 2021, the transaction has been approved by Brazil antitrust regulator Cade recently. Marcelo Carpenter, Ricardo Loretti, Luis Tomás and Eduarda Simonis of Sérgio Bermudes Advogados acted as legal advisor in transaction

Globenet Cabos Submarinos S.A. completed the acquisition of 41.7% stake in Brasil Telecom Comunicação Multimídia Ltda. From Oi S.A. (BOVESPA:OIBR4) for BRL 8 billion on June 9, 2022. BRL 4.26 billion out of BRL 8 billion is already paid and rest to be paid until 2023