Canada Pension Plan Joins BTG in Bid for Brazil Telecom Business

The Canada Pension Plan Investment Board is joining a fund managed by Banco BTG Pactual SA to make a binding offer for the fiber unit of Brazilian telecom carrier Oi SA, Bloomberg News reported. The bid is expected Jan. 22, along with two other binding offers. Highline do Brasil, part of Digital Colony, and Ufinet, which is backed by Italy’s Enel SpA, both plan to make bids for the business. Oi is planning to sell as much as 51% of its subsidiary, known as InfraCo, with a value for the whole company of at least 20 billion reais ($3.6 billion). Oi has been working to pare down its operations while under bankruptcy protection. The struggling carrier raised 1.4 billion reais with the sale of towers and data centers last year. It also announced the signing of a deal with Brazil’s regulatory agency Anatel reducing the fines it need to pay by half, to 7.2 billion reais. Read more.