|By PR Newswire||
|December 4, 2013 07:28 AM EST||
RIO DE JANEIRO, 4 de dezembro de 2013 /PRNewswire/ -- Oi S.A. ("Oi" or the "Company,") discloses to its shareholders and the market in general that its subsidiaries Telemar Norte Leste S.A. ("Telemar") and BRT Serviços de Internet S.A. ("BRTSI," and, together with Telemar, the "Sellers") entered into an agreement with SBA Torres Brasil, Limitada, (the "Purchaser"), under which the Sellers have undertaken to transfer shares representing 100% of the share capital of one of their subsidiaries, which owns 2,007 telecommunications towers used to provide mobile services, to the Purchaser (the "Transaction") in exchange for R$1,525,000,000.00 to be transferred upon the completion of the Transaction (the "Closing Date").
This Transaction reinforces and improves the financial flexibility of the Company, allowing Oi to extend its debt maturities, reduce financing costs and strengthen its liquidity. In addition, the benefits that the Company will derive from the Transaction include the receipt of resources to be invested in the Company's strategic businesses and the transference to the Purchaser of the responsibilities, costs and investments in connection with the operation, maintenance and expansion of the towers. Concurrently, the Transaction permits the Company to continue to provide personal mobile services through the lease of space on the towers under long-term lease agreements that contain provisions establishing conditions in order to expand the leased space.
The completion of the Transaction is subject to compliance with the conditions precedent established in the agreement and is expected to occur before the end of March 2014.
Oi will inform its shareholders and the market in general of the completion of this Transaction and of any other events that may come to affect its terms and conditions.
This Material Fact is disclosed by Oi in compliance with art. 157, § 4, of Law No. 6,404/76 and in accordance with CVM Instruction No. 358/02.
Bayard De Paoli Gontijo
Investor Relations Officer
Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43
Board of Trade (NIRE) No. 33.3.0029520-8
SOURCE Oi S.A.