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    VIVT3   BRVIVTACNOR0

TELEFÔNICA BRASIL S.A.

(VIVT3)
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Telefônica Brasil S A : Material Fact - Oi Mobile SPA Execution

01/29/2021 | 06:50am EDT

TELEFÔNICA BRASIL S.A.

Publicly Held Company

CNPJ 02.558.157/0001-62 - NIRE 35.3.0015881-4

MATERIAL FACT

Telefônica Brasil S.A. ("Company"), under the terms of CVM Instruction No. 358/2002 ("ICVM 358"), as amended, in accordance to the Material Facts disclosed on March 10, 2020, July 18, 2020, July 27, 2020, August 7, 2020, September 7, 2020 and December 14, 2020, hereby informs its shareholders and the market in general that, on January 28, 2021, the Purchase and Sale Agreement of Shares and Other Covenants ("Agreement") was executed by and between Oi Móvel SA - In Judicial Recovery, as Seller; the Company, Tim S.A. and Claro S.A., as Buyers and Oi S.A. - In Judicial Recovery and Telemar Norte Leste S.A. - In Judicial Recovery, as intervening parties and guarantors of the Seller's obligations. The Agreement was executed as a result of the competitive procedure for the sale of the assets of the mobile operation - Grupo Oi's Personal Mobile Service ("UPI Mobile Assets"), in a judicial auction held on 12.14.2020 in which the Company and the other buyers were declared winners.

The completion of the acquisition by the Buyers of the UPI Mobile Assets shall take place according to the segregation plan of such assets, so that each of the Buyers will acquire shares of an SPE containing their assets from the UPI Mobile Assets. The completion of the acquisition is also subject to certain precedent conditions usually applicable to this type of transaction and set forth in the Agreement, such as the prior consent of ANATEL and approval by CADE, as well as, if applicable, the submission to the general shareholders' meeting of Company, under the terms of article 256 of the Corporations Law, in which case additional information will be disclosed in due course.

This transaction, as of its completion, will bring benefits to the Company's shareholders through the generation of revenues and efficiencies due to operational synergies, as well as to its customers, as a result of the Company's commitment to excellence in the quality of the services provided and, finally, to the sector as a whole due to the reinforcement in the capacity to make investments and create technological innovations in a sustainable way, contributing to the digitalization of the country. The acquisition by the Company of a portion of the UPI Mobile Assets represents another important step in the Company's purpose of digitalize to bring closer.

The Company will keep its shareholders and the general market duly informed of the progress of the acquisition process, under the terms of ICVM 358 and applicable legislation.

São Paulo, January 29, 2021.

David Melcon Sanchez-Friera

CFO and Investor Relations Officer

Telefônica Brasil - Investor Relations

Tel: +55 11 3430-3687

Email: ir.br@telefonica.com

www.telefonica.com.br/ri

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Telefônica Brasil SA published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 11:49:04 UTC.


© Publicnow 2021
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Sales 2021 43 866 M 8 272 M 8 272 M
Net income 2021 5 335 M 1 006 M 1 006 M
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Sell
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Mean consensus BUY
Number of Analysts 12
Last Close Price 43,85 BRL
Average target price 58,49 BRL
Spread / Average Target 33,4%
EPS Revisions
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Christian Mauad Gebara Chief Executive Officer & Director
David Melcon Sanchez-Friera Chief Financial & Investor Relations Officer
Eduardo Navarro de Carvalho Chairman
Francisco Javier de Paz Mancho Director
Luiz Fernando Furlán Director
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