Deals
BTG-Led Group Removes Firm Guarantee From Oi Share Sale
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Grupo BTG Pactual SA and 13 banks managing Oi SA’s stock offering, part of a capital increase of as much as 24.2 billion reais ($10.6 billion), will no longer commit to buying the shares should investor demand fall short.
BTG decided to carry out the offering on a best efforts basis after some banks in the deal said they may pull out if required to offer firm guarantees, according to a person with direct knowledge of the transaction who asked not to be identified because the discussions were private. The offering is part of Oi’s plan to merge with Portugal Telecom SGPS SA.