Claro, Telefonica and TIM look to have been outbid for Oi assets

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Highline wins exclusive rights to continue negotiating for Oi’s mobile assets after submitting highest bid.

Brazilian towerco Highline do Brasil II Infraestrutura de Telecomunicacoes is understood to have placed the highest binding offer above the rumoured minimum price of about $2.93 billion (€2.51 billion).

Highline is part of the US private equity firm Digital Colony since last year and Brazil’s main mobile network operators are customers. Highline has also submitted a binding offer for Oi’s tower business.

Highline’s apparently preferred bid has surprised many: when Claro and the Brazilian units of Telefonica and TIM announced their bid, they said they had the right of first bidder – that is, it would be given the ‘right’ to match or better any subsequent bid.