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Brazil’s Prosecutor’s Office called to deny authorization for Oi purchase by Telefónica, Tim and Claro

RIO DE JANEIRO, BRAZIL - The Brazilian Prosecutor's Office recommended the country's Administrative Council for Economic Defense (CADE) against authorizing the acquisition of Oi Group's mobile assets by Spanish company Telefónica, together with Tim and Claro, as it considers that competition laws could have been breached.

Vivo (Telefónica Brasil), Claro (América Móvil) and TIM (Telecom Italia) bought Oi's mobile assets for R$16.5 (US$3.2) billion. Telefónica's subsidiary in Brazil would contribute 33% of the offer price.

The National Telecommunications Agency (ANATEL) approved the sale in late January.

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