By Kim Richters

Telefonica SA said Tuesday that its Brazilian subsidiary Telefonica Brasil, TIM SA and Claro SA have revised their offer for Oi SA's mobile business to 16.5 billion Brazilian Reais ($3.21 billion).

The telecommunications company said the takeover offer also considers "the possibility of signing long term contracts for the use of Oi Group's infrastructure."

Earlier in July the companies said they had submitted a binding offer for the Brazilian carrier but didn't disclose the deal value at the time.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

July 28, 2020 01:34 ET (05:34 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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