Brazil Carrier Oi to Raise $2 Billion by Selling Non-Core Assets to Focus on FTTH

Brazilian telecom carrier Oi SA disclosed on Tuesday a new strategic plan aiming to divest up to 7.5 billion reais ($2 billion) in non-core assets and focus on its fiber-to-home (FTTH) broadband service, Reuters reported. The company, which filed for bankruptcy protection in June 2016 to restructure approximately 65 billion reais of debt, plans to sell towers, data centers, real estate assets, its Angolan subsidiary Unitel and other non-strategic assets between 2019 and 2021. “We’re now as we speak working on the sale of real estate assets,” Chief Financial Officer, Carlos Brandao, said in a conference call to discuss the newly launched strategic plan with investors and analysts. He added Oi is confident it can fulfill the divestment plan within the timeframe and release cash to finance the expansion of its FTTH network, which according to Brandao is “the heart” of the company’ strategy. Read more