Brazilian telecoms company Oi has announced that its subsidiaries Telemar Norte Leste and BRT Servicos de Internet have agreed to sell 1,641 cellular towers to SBA Torres Brasil for BRL1.172 billion (USD527.6 million). In a disclosure published on its website, Oi said the transaction ‘reinforces and improves the company’s financial flexibility, allowing it to extend its debt maturities, reduce costs related to financing and strengthen Oi’s liquidity position.’ Under the terms of the deal, the responsibility for costs and investments in the operation, maintenance and expansion of the towers will be transferred to the buyer, while Oi will enter into a long-term leasing agreement with SBA for the use of antenna space on each site. The transaction, which is expected to close in December 2014, follows a similar agreement struck between the two companies late last year for the sale of around 2,000 towers for approximately USD645 million.
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