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Fridman Offers $4 Billion to Merge Brazil Carriers Oi, Tim

  • Offer is conditional upon a merger of Oi with Tim Brasil
  • Telecom Italia shares increase as much as 4.4% in Milan
Updated on

Russian billionaire Mikhail Fridman has emerged in Brazil with a $4 billion pledge to prop up a local phone company and hasten consolidation in Latin America’s largest telecommunications market.

The proposal to contribute funds to Oi SA through Fridman’s LetterOne is conditional upon the carrier agreeing to a combination with rival Tim Participacoes SA, the company controlled by Telecom Italia SpA, according to a filing from Oi on Monday.