Titan Venture Capital, a private equity vehicle of Brazilian investment fund Piemonte Holding, acquired Brazil-based data center telecom unit Oi, for R$325m. Oi plans to use the sale proceeds to help exit bankruptcy protection.
(Nasdaq) Brazilian telecom Oi SA OIBR4.SA sold in an auction on Thursday its data center and tower units, in an operation that fetched about $260 million for the cash-strapped company.
Highline do Brasil, a portfolio company of U.S. private equity firm Digital Colony, acquired the tower unit for 1.067 billion reais ($201 million), while Titan Venture Capital, a private equity vehicle of Rio de Janeiro investment fund Piemonte Holding, won the bid for the data center unit for 325 million reais.
Both companies presented the only bid for the respective assets in an auction that was overseen by a Rio de Janeiro bankruptcy judge.
Oi plans to use the sale proceeds to help exit bankruptcy protection.
Read more at Nasdaq.