Brazilian operator Oi revealed it is to enter into exclusive negotiations with infrastructure company Highline do Brasil for the sale of its mobile assets, dealing a blow to Telecom Italia, Telefonica and Claro which submitted a rival offer.
In a statement, Oi said Highline, which is owned by US private company Digital Colony, had submitted the best binding offer above the minimum price established during the competitive process.
Reuters reported Oi had set a minimum price of $2.93 billion for the assets.
According to the rules set for the sale, Oi explained it had granted Highline exclusivity to negotiate the deal further, which is in effect until 3 August 2020.
The development appears to scupper a rival bid from the trio of operators, which had teamed on a move earlier this week.
As part of their proposal, the companies had asked Oi for the right to match any rival bids, a request which appears not to have been granted.
Oi has said it will use the proceeds from the sale to reduce its debt, while putting additional focus on its broadband and fibre business.
Earlier this week, it was revealed Highline also made a $200.1 million bid for Oi’s tower unit.