Brazilian telecom Grupo Oi SA agreed to sell control of 1,641 cell towers to SBA Torres Brasil for 1.17 billion reais ($529 million), according to a Wednesday filing, as the telecom worked to reduce its debt. Payment is due in December, Oi said in the filing.The deal will help improve Oi's debt profile and boost cash available for strategic investments. Oi, Brazil's biggest fixed-line phone company, sold another 2,000 cell towers to SBA Torres Brasil in late 2013.($1 = 2.21 Brazilian reais)
Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally. Shares of OIBR fell by 0.56% or $-0.0052/share to $0.92. In the past year, the shares have traded as low as $0.76 and as high as $2.34. On average, 15381500 shares of OIBR exchange hands on a given day and today's volume is recorded at 5817909.
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