Judge In Charge Of Oi Group Recovery Approves Multiple Asset Sale, Including That Of 5 Data Centers Being Executed By Piemonte Holding

SAO PAULO, Oct. 6, 2020 /PRNewswire/ -- Fernando Viana, the Rio de Janeiro court judge in charge of Oi Group (OIBR.C) judicial recovery, approved a multiple asset sale of R$22 billion last Monday (5), following Creditors support. The deal includes 5 Data Centers being purchased by Brazilian financial group Piemonte Holding.

Judicial approval of Oi Group asset sale (Data Centers, Oi Mobile and Towers) comes after the creditors general assembly held in September, and a statement from Rodrigo Abreu, CEO of Oi, on Friday, October 2nd, saying that the sale to Piemonte Holding, as well as the others, are a "deal done, with few steps remaining."

The important approval from Judge Fernando Viana also comes right after a shareholders meeting of Piemonte Holding financial group ensured and expanded support to the acquisition from Oi in Judicial Recovery.

Other than voting on Oi deal support, Piemonte Holding shareholders, in view of management complexities created by the pandemic, and in order to improve and enhance corporate governance due to the non-organic growth coming from this acquisition, also appointed two new independent members in the company's Board of Directors: Julia Otero and Alvaro Monteiro. The two will join the Board, now enlarged to five members. The Board is chaired since 2017 by Julia Dias Leite. 

The shareholders meeting also determined that audited net income of R$47 million in fiscal year 2019 will be allocated to investment and capital reserves, waiving any dividend.

The new Board was informed of the operating result of Piemonte Holding of R$17 million in the first half of 2020 and approved projects in blockchain technology to be presented to the market later this year. 

"The shareholders of Piemonte Holding provided continuity and assurance to the accelerated growth of the Group with a larger board, more independent and more interdisciplinary. Today we confirmed the long-term strategic guidelines designed years ago: digital innovation and internationalization, based on Piemonte values, which are business ethics and determination in the pursuit of excellence.  The appointment of Julia Otero and Admiral Monteiro to the board, together with the renewed confidence in me; in the counselor Eduardo Marinho and in the CEO Alessandro Lombardi, who continues to exceed expectations year after year in challenging market conditions, shows the long-term strength of a successful investment project," said Julia Dias Leite. 

Board of Directors of Piemonte Holding: 

Julia Dias Leite (40), Chairman of the Board, is also executive president of CEBRI (Brazilian Center for International Relations), the most reputable think tank for international relations in Latin America. She is also fellow of the Inter-American Dialogue and alumni of the International Leadership Program of the US Department of State in Washington. 

Eduardo Marinho Christoph (44), a nuclear physicist, venture capitalist, owner of innovative companies such as Cognitec (German company which is European leader in the facial recognition technology) and Primasea (submarine natural fertilizer mining company). Eduardo has also served on Infoglobo's board of directors for eight years. 

Professor Alvaro Monteiro (73) is a retired 4-star Admiral and President of the Center for Strategic Political Studies of the Brazilian Navy. A former assault marine and now a political scientist, he has dedicated himself, among others, to strategic studies in the South Atlantic region and in the development of Olympic sport in the armed forces. 

Julia Otero (39) is an investor with more than twenty years of experience in capital markets, focusing on private equity in the entertainment, media, and communication sectors, in Brazil and California. Julia is married, has three children, and graduated in Fine Arts from Parsons School of Design in New York. 

Alessandro Lombardi (44), economist, CEO and founder of Piemonte. Married and father of three, he has been director of Piemonte group since its foundation in 2012, together with Marco Girardi (62), CFO of Piemonte. Marco, before being a director of Piemonte, has been c-level executive of Telecom Italia for more than 30 years.

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SOURCE Piemonte Holding