Debt-ridden Oi has completed the sale of selected tower infrastructure to NK 108 Empreendimentos e Participacoes (NK 108) – an affiliate of Highline, which is a subsidiary of US private equity company DigitalBridge.

The deal, which was first announced in August of last year, includes 8,000 telecom towers.

Brazil towers
– Getty Images

Brazilian telecommunications company Oi confirmed the sale in a statement to its stakeholders.

A preliminary purchase price of R$905.1 million ($187.2m) has been paid at the closing of the deal, with the remainder set to be paid up until 2026, though this is dependent on the level of infrastructure usage.

The total value of the sale could net Oi R$1.7 billion ($350m).

Earlier this year, Oi was granted authorization to obtain a loan of $275 million from its current creditors.

However, the company was recently told by the president of Brazilian regulator Anatel that it cannot dispose of its stake in its fiber firm V.tal while it continues to use some of the concession’s reversible assets.

Oi's financial struggles date back many years, with the operator first filing for bankruptcy in 2016 as debts hit $19.2 billion.

It led to the company being put in what was then Brazil's biggest-ever bankruptcy protection, which the company only exited in after six years last December.