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RIO DE JANEIRO, BRAZIL - The hitherto virtually unknown Highline won the headlines as the favorite to acquire two of the main assets to be sold by Oi, which is in the process of bankruptcy protection and in its plan's updating stage. Many understood from yesterday morning's announcement that the other interested parties - mainly the trio formed by Telefônica Vivo, TIM, and Claro - are out of the dispute.

The process of selling Oi's assets is different from traditional mergers and acquisitions and is using a model known outside Brazil as a "stalking horse". This is not yet . . .

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