Debt-ridden Brazilian telco Oi has agreed to sell selected telecom tower and property assets to American Tower Brazil.
The company didn't specify how many towers it will transfer over to American Tower, but revealed the deal will bring in R$41 million ($7.5 million).
In a filing, Oi stated that it had agreed to the sale and transfer of 100 percent of the shares issued by a Selected Real Estate SPE, to American Tower.
American Tower operates more than 17,000 towers in Brazil, making the market its biggest in Latin America.
The sale is the latest in a number that the company has carried out in order to reduce its debt.
Oi's financial struggles date back many years. Founded in 1998 and formerly known as Telemar, Oi filed for bankruptcy back in 2016 for R$65bn (US$19bn) and has been looking to sell its biggest assets since. The company was put in what was then Brazil's biggest-ever bankruptcy protection.
Through a number of asset sales, the company has been able to shrink that debt, which is thought to still be around $4.2bn.
Its mobile business was sold for R$16.5bn ($3.23bn) back in 2020 and split between Brazil's three big mobile operators TIM, Telefónica, and América Móvil, with TIM picking up the most assets.
In July last year, Oi completed the sale of 8,000 telecom towers to Digital Bridge's Highline.
The company only exited bankruptcy protection in December 2022, after six years.
In December, Oi was linked with a sale of its fiber broadband unit to Telefónica.