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OFFON

SBA COMMUNICATIONS CORPORATION

(SBAC)
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Exclusive: Brazil telecom Oi hires BofA Merrill Lynch to sell some assets - sources

01/10/2019 | 02:13pm EDT
FILE PHOTO: The logo of Brazilian telecoms company Oi SA is pictured inside a store in Sao Paulo

SAO PAULO (Reuters) - Brazilian telecoms carrier Oi SA has hired Bank of America Merrill Lynch to sell noncore assets such as cellphone towers and data centres, two people with knowledge of the matter said on Thursday.

The company aims to raise between 1.5 billion reais and 2 billion reais (£317 million-£427 million) from the divestitures, the sources added, asking for anonymity because they cannot discuss the plans publicly.

Oi and Bank of America had no immediate comment on the matter.

Preferred shares in Oi, flat before the Reuters report, rose 1.4 percent to 1.46 reais. The benchmark Bovespa index was down 0.25 percent.

Oi filed for bankruptcy 2-1/2 years ago to restructure 65 billion reais in debt.

Before filing for what was Latin America's largest ever bankruptcy proceeding, Oi had raised around 3 billion reais by selling more than 3,600 cellular towers to the Brazilian unit of SBA Communications Corp in transactions closed in 2013 and 2014.

The company plans to make investments aimed at improving its mobile and broadband operations and boosting its market share at the same time as it pursues the asset sales.

The distressed asset managers that are Oi's top shareholders plan to focus on improving the company's mobile and broadband operations rather than a near-term sale of their stakes, Reuters reported last year.

Investment firms Solus Alternative Asset Management LP, GoldenTree Asset Management LP and York Capital Management Global Advisors LLC last year became Oi's largest shareholders after converting their debt in the company into equity stakes as part of its restructuring.

Oi has forecast capital expenditures of 7 billion reais a year over the next three years.

(Reporting by Tatiana Bautzer; editing by Christian Plumb, Jonathan Oatis and Rosalba O'Brien)

By Tatiana Bautzer


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 1.08% 42.14 Delayed Quote.39.03%
EURO / BRAZILIAN REAL (EUR/BRL) 0.47% 6.2556 Delayed Quote.-1.87%
IBOVESPA -0.69% 113282.67 Delayed Quote.-4.16%
OI S.A. -0.59% 1.69 End-of-day quote.-40.07%
SBA COMMUNICATIONS CORPORATION -2.47% 344.93 Delayed Quote.22.26%
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Analyst Recommendations on SBA COMMUNICATIONS CORPORATION
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Financials (USD)
Sales 2021 2 287 M - -
Net income 2021 331 M - -
Net Debt 2021 11 879 M - -
P/E ratio 2021 115x
Yield 2021 0,67%
Capitalization 37 788 M 37 788 M -
EV / Sales 2021 21,7x
EV / Sales 2022 20,7x
Nbr of Employees 1 483
Free-Float 99,0%
Chart SBA COMMUNICATIONS CORPORATION
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SBA Communications Corporation Technical Analysis Chart | SBAC | US78410G1040 | MarketScreener
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Mean consensus BUY
Number of Analysts 19
Last Close Price 344,93 $
Average target price 364,89 $
Spread / Average Target 5,79%
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Managers and Directors
Jeffrey A. Stoops President, Chief Executive Officer & Director
Brendan Thomas Cavanagh Chief Financial Officer & Executive Vice President
Steven E. Bernstein Chairman
Jorge Grau Chief Information Officer & Senior Vice President
Dipan D. Patel Executive Vice President-Strategy & Technology