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Brazil's Oi to sell data center unit to Titan Venture Capital

Oi SA and related entities Telemar Norte Leste SA and Oi Móvel SA agreed to sell the Brazilian operator's data center unit to Titan Venture Capital e Investimentos Ltda. for 325 million Brazilian reais.

Titan Venture Capital will initially pay 250 million reais for the acquisition, with the remaining amount of 75 million reais to be paid in installments, according to a Dec. 14 filing. The transaction's completion is subject to certain precedent conditions.

Piemonte Holding unit Titan Venture Capital won the competitive tender for Oi's data center business in November.

Oi will also sell its UPI Towers unit to Highline do Brasil II Infraestrutura de Telecomunicações SA for about 1.07 billion reais. The transactions are part of proposed amendments to the telco's bankruptcy plan.

As of Dec. 11, US$1 was equivalent to 5.05 Brazilian reais.