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Name | Symbol | Market | Type |
---|---|---|---|
America Movil SAB de CV | NYSE:AMX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.37 | -1.90% | 19.06 | 19.45 | 18.995 | 19.22 | 1,304,185 | 00:33:35 |
By Rogerio Jelmayer and Jeffrey T. Lewis
SÃO PAULO--Brazilian phone company Oi SA is in a better position to take part in an expected consolidation in the country's telecommunications industry after selling assets and posting improved financial numbers, Chief Executive Bayard Gontijo said Monday.
Oi said earlier in the day that its monthly average net revenue for October and November increased 3.7%, compared with the monthly average for the three months of the third quarter to 2.33 billion reais ($878 million).
The company last week agreed to sell its PT Portugal unit to Altice SA.
Those two achievements "will make room for us to be protagonists in the consolidation in Brazil, always with the goal of generating the most value possible for our shareholders," Mr. Gontijo said in an interview. "We announced our strong result [today] to show the evolution of our performance, and we're letting the market judge."
The company also said Monday that earnings before interest, taxes, depreciation and amortization, or Ebitda, increased 3.8% to 544 million reais in the same period. Neither the revenue nor the Ebita figures have been audited yet, Oi said.
Oi's clients are mostly for fixed-line services, and the company wants to expand its mobile-phone business. One way to do that would be to buy at least part of Telecom Italia SpA's Brazilian mobile-phone unit, TIM Participações.
Oi hasn't held talks with Telecom Italia over the possible purchase of TIM, but Oi has hired investment bank BTG Pactual to look for opportunities to expand, Mr. Gontijo said.
The Wall Street Journal has reported that Oi plans to join forces with Spain's Telefónica SA and Mexico's América Móvil SAB to make an offer to acquire TIM, citing people close to the deal.
The sale of PT Portugal would help generate cash for Oi to make any purchases, Mr. Gontijo said. Shareholders will vote on the sale Jan. 12, and Mr. Gontijo said he hopes they will approve it.
"This is an operation that generates value for shareholders, so it's in their interest to approve it," he said. "With the sale of [PT Portugal] we're going to be very capitalized, which will reduce our need for financing."
Mr. Gontijo said the final price of that sale hasn't been determined. The agreement with Altice gives PT Portugal an enterprise value of EUR7.4 billion ($9.2 billion). The final price will be adjusted for debt and the amount in reais will depend on the exchange rate when the deal is closed, he said.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com and Jeffrey T. Lewis at jeffrey.lewis@wsj.com
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