Brazil-based telecommunication services provider Oi has agreed to sell its underwater fiber optic cable unit Brasil Telecom Cabos Submarinos and its subsidiaries (jointly known as GlobeNet) to Brazilian investment bank BTG Pactual for BRL1.7 billion (approximately US$768 million). GlobeNet operates assets located in Venezuela, Colombia, Bermuda and the United States. The transaction will be structured through BTG Pactual Infraestrutura II Fundo de Investimento em Participações and is subject to regulatory approval.