Vivo, TIM, Claro open battle against Oi
Telefônica Brasil, owner of Vivo, TIM S/A and Claro Participações Monday began a dispute with Oi in relation to the closing price adjusted by the purchase of Oi’s mobile business. The trio of phone carriers claims from Oi the payment of R$1.73 billion due to disagreements found in the contract for the purchase of the asset. Oi reported that it has opened a period of 30 days to try to seek an amicable solution to the situation.Sources familiar with the situation say they believe the case will not be resolved easily and is likely to end up in private arbitration. The sale of the asset was signed in 2020 and closed in a judicial sale in April this year for R$16.5 billion.The discrepancies have now been identified by the auditing company KPMG, hired by Telefônica, TIM and Claro. In addition, the trio asks for compensation of R$353.27 million.The total contract adjustment claimed by the telecom companies is R$3.18 billion. Of this total, R$1.44 billion had been retained by the three carriers as a guarantee when the deal was closed. The difference of R$1.73 billion is what they are now asking from Oi.Every transaction of this type, with ample time between the deal and the closing, has clauses to prove that what was signed is what is being delivered, says another source that follows the case.Valor found that documents submitted by Oi on the fulfillment of commitments were considered inefficient and confusing, and it is not possible to distinguish what is capital investment in the mobile service from landline phone investment, for example.Valor has also learned that the result of KPMG’s verification would indicate to the telcos that Oi seems to have "thrown in the towel a little bit," which would mean that, in a way, it had given up on reaching the goals, because it would have invested less than it had committed, and it didn’t meet the goals of net adds — the difference between incoming and outgoing customers —, it didn’t reach the working capital, it lost market, and it wouldn’t have made the investments assumed.On the other hand, this price adjustment notification reveals a "move" by Telefônica, TIM and Claro, according to a person who works with the companies. This is because the three phone carriers had offered R$15 billion for Oi Móvel in 2020. As a competitor appeared, Highline, the companies, which did not want to lose the asset, were "forced" to raise to R$16.5 billion, in a binding offer that ended up successful via judicial sale in April...
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