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Purchase of Oi: Highline threatens to give up, and TIM should have greater share in the combined proposal

The news about the purchase of the assets of Oi’s mobile division has increased in intensity in the last days, with the arrival of Highline in the business and the joint proposal of TIM, Claro and Vivo, at a time when the telecommunications market is agitated with the arrival of 5G DSS in some Brazilian cities.

And the news got hot in the last few days, when columnist Lauro Jardim, from the O Globo newspaper, said that Highline would give up on the deal. The company, controlled by the Digital Colony fund, has until August 3 to make a bid higher than the R $ 16.5 billion offered by the group formed by Claro, Vivo and TIM.

However, according to the Teletime portal, Highline has not given up on the process. The publication states that there was unrest in the market after the information published by Jardim, but the withdrawal was not confirmed by sources heard by the portal specialized in the telecom market.

Also according to Teletime, the company controlled by Digital Colony still has plenty of room for negotiation, and the parties have not reached a point of stress that would justify the withdrawal, or even a threat of exit, which could lead Oi to try to keep the company in the game so as not to lose the bargaining power.

Even with all the speculation involved, since July 22nd, Highline has had an exclusive agreement with Oi to negotiate, which will continue until tomorrow (3). Oi has already stated that it is evaluating the operators’ joint proposal, even without having taken any decision.

On this proposal, according to Exame In, the largest share of the R $ 16.5 billion is TIM Participações, which came in between R $ 7 billion and R $ 8 billion, and Claro has the lowest participation in the joint bid.

In negotiation, what is at stake is a position called stalking horse, that is, the right to be the first to make a bid and with the power to cover the best offer. Vivo, TIM and Claro’s proposal could have this qualification as a condition to be binding, that is, with guarantee of effectiveness. On the other hand, Highline’s would only qualify at the end of the negotiations.

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