Telecoms Tim Participacoes, Telefonica Brasil and Claro, three Brazilian telecommunications companies, won the auction to acquire the mobile business of Oi, a fixed telephone operator and the fourth mobile telephone operator in Brazil, for $3.2bn. The closing of the transaction is subject to customary conditions for this type of transactions, including regulatory approval. TIM Brasil will pay the biggest share for the assets, at $1.4bn and an additional $92m for the transition. Telefonica Brasil will fork out $1bn and $35m, while Claro said it will pay the remaining $800m.