MOSCOW, Feb 25 (Reuters) - London-based investment firm LetterOne, controlled by Russian billionaire Mikhail Fridman, said it could not proceed with its plan to facilitate a proposed merger between Brazilian telecoms groups Oi SA and TIM Participações SA.
“L1 Technology has been informed by TIM that ... it does not wish to enter into further discussions, about the facilitation of a merger between Oi and TIM in Brazil,” LetterOne said in a statement on Thursday.
“L1 Technology’s approach was to unlock the potential of this envisaged telecoms deal through a structure within which all companies were aligned. However, without TIM’s participation, L1 Technology can’t now proceed with the proposed deal as previously envisaged,” it said. (Reporting by Maria Kiselyova; Editing by Andrew Osborn)