The news follows rumours of plans for TIM Brasil to acquire Oi's mobile assets in March of 2020, with Telefónica and TIM coming together with its respective Brazilian businesses to form a consortium.
By July 2022, TIM, Telefónica and Claro had submitted a binding offer for Oi Group's mobile business, valued at roughly 15 billion reais ($2.9 billion).
The decision was made as the telco will spin off four business units from its main operations as part of its ongoing bankruptcy protection proceedings.
In February 2022, the transaction was approved by Brazillian antitrust watchdog CADE, following similar approve from Anatel the week prior. The date for the closing of the transaction has been set for 20 April 2022.
Once completed, there will be new 'infrastructural balance' in the Brazilian market, with three major operators ensuring a high level of competition, customer benefits and adequate investment for the development of telecoms infrastructure and the digitalisation of the country.
In related news, TIM has also announced that Alessandro Picardi, the company's executive vice president, will soon assume the role of chair at the TIM's subsidiary Olivetti, a hardware technology manufacturer
As a result, Picardi, who will soon be leaving the Group is thanked for "the great work and results achieved, as well as for his significant managerial contribution made within TIM".
Earlier this month, TIM's board of directors of has told Kohlberg Kravis Roberts (KKR) that it cannot see documents it needs in order to pursue a €10.8 billion takeover bid.
