A consortium comprising Telefonica, Telecom Italia and America Movil’s Claro secured a BRL16.5 billion ($3.2 billion) agreement to acquire Brazilian operator Oi’s mobile business, a deal expected to be completed in 2021.

The Brazilian units of the three operators first submitted their initial bid for the assets in July, which has been up for sale as Oi sheds parts of its business to pay creditors: the operator filed for bankruptcy protection in 2016.

In a statement, Oi said the trio were awarded the contract in a competitive sales process and the deal was now subject to regulatory clearance.

It faced competition from Brazilian infrastructure company Highline during the sales process.

The transaction fee will be split into two parts, with the base price amounting to BRL15.7 and another BRL756 million for so-called “transition services” to be carried out by Oi in 2021.

Should the deal complete, TIM Brasil, Telefonica Brazil and Claro plan to divide Oi’s mobile assets, splitting customers, radio frequencies and mobile access infrastructure.

TIM Brasil will pay the biggest share for the assets, at BRL7.3 billion and an additional BRL467 for the transition.

Telefonica Brasil will fork out BRL5.5 billion and BRL179 million, while Claro said it will pay the remaining BRL16.5 billion.