TIW announced in Canada Wednesday, March 26, the sale of its stake in Telemig Celular and Amazônia Celular to Highlake International Business Company Ltd., an affiliate of Opportunity Fund. Highlake purchased TIW?s 49% stake in Telpart Participações S.A., the holding company for the two cellular carriers. Under the terms of the deal, TIW has withdrawn all lawsuits filed against Opportunity and vice-versa. TIW will receive 70 million US Dollars in cash. Telemig Celular and Amazônia Celular will disburse 5m USD of the total to settle old bills for technical services rendered under contracts contested by TIW?s lawsuits. TIW will use part of the money to pay off debts.
It?s important to note that, according to the TIW's press release, the buyer is Opportunity Fund and not CVC/Opportunity which controls Brasil Telecom and in which Citibank is the main investor.
Opportunity Fund is under investigation by CVM, Brazil?s securities and exchange watchdog. It?s accused of having shareholders who reside in Brazil, which would have been illegal under the old Annex IV rules at the time they allegedly joined.
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