Brazil’s Oi Selling Underwater Fiber Optic Unit to BTG for US$772 Million

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(Reuters) Grupo Oi SA, the owner of Brazil’s fourth-largest wireless carrier, agreed to sell its underwater fiber optic cable units to a fund led by investment banking firm Grupo BTG Pactual SA for 1.75 billion reais (US$772 million.)

Rio de Janeiro-based Oi said the transaction is subject to regulatory approval in Brazil as well as Venezuela, Colombia, Bermuda and the United States, where the units, known as Brasil Telecom Cabos Submarinos Ltda and GlobeNet, operate, according to a securities filing.

The buyer of both units is BTG Pactual Infraestrutura II Fundo de Investimento em Participações, a private-equity fund controlled by the São Paulo-based investment bank, the filing added.