Oil Movil, as it is known in Brazil has been bought by a consortium formed by TIM and Claro and was declared the winner of a bidding process that concluded in December 2020.
Brazillian regulator Anatel had approved the sale last week but the deal still needed final approval from CADE.
In a statement, TIM Brasil said the closing of the deal will “define a new infrastructure structure for the telco market in Brazil”.
“The operation, with which TIM Brasil will acquire the most relevant share of the assets of the Oi Group, is expected to bring significant benefits to the Brazilian TLC sector, maintaining a high degree of competition and ensuring the necessary investments for the development of the country’s digital advancement,” the statement added.
Shares of Oi plummeted more than 10% earlier this week as the deal edged toward completion.
While there are still some processes to complete, it has emerged that Anatel will review its final decision after Copel Telecom requested an annulment.
