Oi confirmed that financial advisor Grupo BTG Pactual had received the proposal from LetterOne on Friday and the operator is presently evaluating the private equity firm’s proposal.
LetterOne, led by Russian billionaire Mikhail Fridman, is seeking exclusive negotiations with Oi ahead of a potential merger with TIM Participacoes.
TIM Participacoes said there are presently no discussions with Oi or LetterOne about a potential deal.
Oi has sought to find ways to reduce its debt and in August 2014, hired BTG Pactual to explore opportunities, including a deal with TIM Participacoes.
LetterOne owns a 48% stake in VimpelCom and 14% share in Turkcell. In April 2014, it announced its ambition to invest $16 billion in telecoms and technology businesses in Europe and the US.
