By Joshua Kirby and Olivia Bugault 
 

Telecom Italia SpA said Tuesday that its Brazilian subsidiary has, together with two other companies, been awarded the contract to buy Oi Group's mobile business in the country.

TIM SA, also known as TIM Brasil, will invest around 7.3 billion reais ($1.43 billion) in the transaction, which is worth a total BRL16.5 billion. The company expects to finance the deal through cash and the local debt market. Also participating in the investment are Telefonica Brasil SA and Telecom company Claro.

Spanish telecommunications company Telefonica SA said Tuesday that its subsidiary Telefonica Brasil will invest roughly EUR894 million in the deal, or about 33% of the total offer.

TIM Brasil will be allocated around 14.5 million customers in the deal. The transaction is expected to be completed in 2021, subject to certain conditions and authorizations.

 

Write to Joshua Kirby at joshua.kirby@dowjones.com and Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

December 15, 2020 03:35 ET (08:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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