Claro has just purchased control of Desktop, in a transaction that values the broadband operator at a enterprise value of R billion.
The Mexican operator will acquire 73% of the capital, currently in the hands of HIG Capital and the founders, at a price of R$20.82 per share – a premium of 45% over the screen price.
O deal – advance for the Brazil Journal in October – it still needs the approval of CADE and ANATEL, in addition to going through a shareholders’ meeting to change the company’s bylaws.
Payment will be made in cash no closingwith adjustments related to net debt until the deal is concluded. A portion of approximately R$175 million will be retained in an account escrowreleased over five years to cover possible contingencies.
Claro will also have to make an OPA for the remaining 27% that is on the market.
The transaction was structured taking into account a net debt of R$1.6 billion. With this, the equity value reaches R$2.4 billion.
The transaction implies a 6.2x EBITDA multiple, above the 4.5x at which Desktop trades today – which could pull the price reference for other regional operators.
Sources close to the transaction said that the delay in closing the deal reflected the sellers’ lack of rush to exit the business – both on the part of the founders and HIG – and that there was interest from other players in the asset, such as Vivo.
Desktop was founded in 1996 by Denio Alves Lindo and became the largest ISP in the interior of São Paulo, covering more than 200 cities.
Denio, a former IBM employee who saw the potential of taking the internet outside of large cities, created a company that had revenues of R$1.2 billion in 2025, an 8% growth compared to the previous year.
Desktop’s growth accelerated in 2020 with the entry of HIG. It went from around 100 thousand customers to 1.2 million in 200 cities, combining organic growth and several acquisitions.
In 2021, taking advantage of that year’s IPO window, Desktop went public with the share worth R$23.50 – a value above what was disbursed by Claro.
Still, HIG leaves with a return of around 6x the capital invested in the company in 2020.
The purchase of Claro marks another step in the consolidation of the broadband market, with large operators advancing over ISPs that have gained scale in the interior of the country.
Desktop’s shares have risen 77% in the last twelve months — a movement that gained strength after the first news about a possible sale to Claro.
Bank of America was Desktop’s financial advisor, which received legal advice from Pinheiro Neto.
Claro did not work with financial advisors. Veirano Advogados was the legal advisor.
André Jankavski
