Telco obtained injunction ordering Telefónica, TIM, Claro to deposit R$1.5bn in court; trio sought B3 arbitration chamber
The battle between Oi and the buyers of its mobile business – Telefónica, Telecom Italia’s TIM and América Móvil’s Claro – over the value and agreements on the transaction intensified on Monday. Oi obtained an injunction ordering the three companies to deposit in court R$1.5 billion within 48 hours for services provided to them.
On the other hand, the three telcos also filed for an arbitration proceeding in the Market Arbitration Chamber of B3 on Monday. The companies ask for a R$1.73 billion correction in the value of the asset purchase by revenue metrics that should be met by Oi, but claim that the company has not proven to have achieved them.
In the case of the injunction, the determination for Telefónica (owner of Vivo), TIM and Claro to deposit the amount was granted Monday by Judge Fernando Viana, from the 7th Business Court in Rio de Janeiro.
The amount refers to about R$600 million that would be paid by the three telcos as part of a contract for services to be provided by Oi in the agreement to buy the mobile business, in a judicial sale in 2020, for R$16.5 billion.
On September 19, Telefônica, TIM and Claro charged Oi for a correction of the purchase contract worth R$3.18 billion. Of this total, the three operators retained R$1.44 billion as collateral when closing the deal. The R$1.73 billion difference is what they are asking Oi.
Oi did not reply to requests for comment. B3 said that every process in the arbitration chamber is secret and does not comment on the subject. Telefónica, TIM and Claro published a statement to the market on Monday about the decision to appeal to B3, but declined to comment further.
*By Ivone Santana, Rodrigo Carro — São Paulo, Rio de Janeiro
(Felipe Laurence contributed to this story.)
Source: Valor International