TIW-Opportunity deal on its way to regulatory approval

Anatel?s private services department has recommended approval of the sale to Opportunity of TIW?s stake in Telemig Celular and Amazônia Celular. The recommendation was sent last week to the board of Anatel, which will examine it and forward a decision to CADE, the nation?s competition tribunal.
TIW announced the sale of its stake in the two wireless carriers on March 26, 2003. The buyer was Highlake International Business Company Ltd., a subsidiary of Opportunity Fund. Highlake acquired TIW?s 48.9% interest in Telpart Participações S.A. Opportunity Fund owns 95% of Highlake. The remaining 5% belongs to CVC/Opportunity Equity Partners L.P.
TELETIME News has learned that Opportunity Fund appears nowhere in the records of either Anatel or CVM, the securities regulator, as a shareholder in Telemig Celular and Amazônia Celular. This points to the entry of a new controlling shareholder, which wasn?t allowed by law for five years after privatization, i.e. until July 28, 2003.

According to information obtained by TELETIME News, however, Opportunity sought to persuade Anatel that Opportunity Fund was indeed a shareholder in the two carriers, via a 0.006% stake in the voting stock of Futuretel, which controls Newtel with 53.06%. Newtel in turn controls Telpart with 51.07%, and Telpart controls Telemig Celular and Amazônia Celular. TIW owned 48.9% of Telpart and sold this holding to Highlake.
The 0.006% stake in Futuretel was registered with CVM and Anatel as belonging to ?Others?. The name ?Opportunity Fund? appeared nowhere.
Opportunity also told Anatel that Opportunity Invest Inc. II, a Cayman-registered firm, controlled both Opportunity Fund and CVC/Opportunity Equity Partners L.P., giving them the same parent company.