H.I.G. Capital Announces Sale of Brazilian Portfolio Company Desktop to Claro

Rhea-AI Summary

H.I.G. Capital announced a definitive agreement to sell Brazilian ISP Desktop to Claro (América Móvil, AMX) for R$4.0 billion (approximately $750 million, inclusive of debt).

The deal implies a R$20.82 price per share based on Desktop's net debt as of Sept 30. Closing is subject to customary conditions and Brazilian regulatory approvals. Desktop grew from ~150,000 to >1.2 million subscribers, spans 58,000 km of fiber and completed 10 acquisitions under H.I.G.

Positive

• Transaction value of R$4.0 billion (c. $750mm), inclusive of debt
• Subscriber base expanded from ≈150,000 to over 1.2 million
• 58,000 km fiber network coverage
• 10 strategic acquisitions executed during H.I.G.'s ownership
• Supported Desktop's IPO in Feb 2021 as first publicly listed ISP in Brazil

Negative

• Closing is subject to Brazilian regulatory approvals, creating timing and approval risk
• Transaction value is stated inclusive of debt, indicating assumed leverage in the deal

News Market Reaction – AMX

-2.09%

-2.09% Session close to close

In the Mar 26 session, AMX declined 2.09%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights América Móvil’s push to deepen its broadband footprint through Claro’s ...

Analysis

This announcement highlights América Móvil’s push to deepen its broadband footprint through Claro’s agreement to acquire Desktop for R$4.0 billion (about $750mm). Desktop brings over 1.2 million subscribers and a 58,000 km fiber network in São Paulo state. Recent filings also outlined a proposed MXP$0.54 per-share dividend and a MXP$10,000,000,000.00 buyback, key elements for investors monitoring growth versus capital return priorities.

Key Figures

Capital under management: $74 billion Transaction value: R$4.0 billion Transaction value (USD): $750mm +5 more

8 metrics

Capital under management $74 billion H.I.G. Capital AUM mentioned in deal release

Transaction value R$4.0 billion Sale of Desktop S.A. to Claro, inclusive of debt

Transaction value (USD) $750mm Approximate value of Desktop sale, inclusive of debt

Price per share R$20.82 Implied price per Desktop share based on net debt as of Sept 30

Subscriber growth 150,000 to over 1.2 million subscribers Desktop subscriber base expansion under H.I.G. ownership

Network length 58,000 km Fiber network span of Desktop in São Paulo state

Dividend proposal MXP$0.54 per share Proposed cash dividend for 2025 fiscal year (Form 6-K, 2026-03-17)

Share buyback program MXP$10,000,000,000.00 Planned buyback authorization April 2026–April 2027 (Form 6-K, 2026-03-17)

Key Terms

initial public offering, form 3, form 6-k, 424b2, +4 more

8 terms

initial public offering financial

"supporting Desktop's successful initial public offering in February 2021 on the Brazilian"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

form 3 regulatory

"[Form 3] AMERICA MOVIL SAB DE CV/ Initial Statement of Beneficial Ownership"

Form 3 is the initial public filing that officers, directors and large shareholders must submit to report their ownership of a company’s securities when they become insiders. It acts like an opening inventory sheet that gives investors a starting point to see who holds significant stakes and to spot later trades or potential conflicts of interest, helping assess insider confidence and transparency.

form 6-k regulatory

"[6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)"

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

424b2 regulatory

"[424B2] America Movil S.A.B de C.V American Prospectus Supplement"

A 424B2 is a final prospectus document filed with regulators when a company publicly offers new securities, providing the definitive details investors need—final price, number of shares or bonds, offer terms, and updated risk information. Think of it as the completed menu and price list released just before a public sale: it lets investors see exactly what is being sold and at what cost, so they can judge the deal and decide whether to buy.

senior notes financial

"10.300% Senior Notes due 2034 and 10.125% Senior Notes due 2029"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

pricing agreement financial

"includes a pricing agreement with a syndicate of international and Mexican underwriters"

A pricing agreement is a contract that sets how much a buyer will pay and under what conditions a seller will charge for a product or service, often including discounts, rebates, or volume-based terms. Like agreeing in advance on the price and rules for a long-running service, it gives both sides predictability; for investors it matters because it directly affects a company’s revenue, profit margins and how reliably future sales can be forecasted.

supplemental indenture regulatory

"The Ninth Supplemental Indenture (20 Jun 2025) sets the terms for 5.000% Senior Notes"

A supplemental indenture is a written amendment to the original bond agreement that changes specific terms of a debt contract, such as payment schedules, interest rates, collateral or covenant protections. Investors care because it alters the legal rights and risks tied to a security — like renegotiating a mortgage where the lender and borrower agree to new rules — and can affect a bond’s credit quality, yield and market value.

non-binding agreement regulatory

"describing a non-binding agreement with Entel to explore a potential joint offer"

A non-binding agreement is a preliminary written or verbal understanding that outlines the key points of a proposed deal but does not create a legally enforceable obligation. For investors it signals intent and next steps—like a handshake before a formal contract—so it can move stock prices and prompt further review, but it does not guarantee the transaction will happen or protect parties from changing their minds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RIO DE JANEIRO, March 26, 2026 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $74 billion of capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to sell its portfolio company Desktop S.A. ("Desktop" or the "Company"), a leading internet service provider in the state of São Paulo, to Claro Telecom Participações S.A. ("Claro"), a subsidiary of América Móvil (BMV: AMX; NYSE: AMX), a leading telecommunications carrier in Latin America. The closing of the transaction is subject to customary conditions precedent and approvals from the Brazilian regulatory authorities. The transaction is valued at R$4.0 billion (c. $750mm, inclusive of debt), implying a price per share of R$20.82, based on Desktop's net debt as of September 30.

Since H.I.G.'s acquisition, Desktop has successfully executed on a robust growth strategy, combining accelerated organic expansion with 10 strategic acquisitions, to build one of the leading fiber platforms in Brazil. During this period, the Company has grown from approximately 150,000 subscribers to over 1.2 million subscribers, now serving more than 200 cities in the state of São Paulo, supported by a fiber network spanning over 58,000 km.

H.I.G. also played a key role in supporting Desktop's successful initial public offering in February 2021 on the Brazilian Stock Exchange (B3) under the ticker B3: DESK3, marking the first publicly listed ISP in Brazil.

Fernando Marques Oliveira, Managing Director and Head of H.I.G. Latin America, commented: "Desktop's trajectory is a strong example of H.I.G.'s hands-on approach to accelerating growth. Working closely with an outstanding senior management team, we supported the Company's expansion to become a leading fiber platform in Brazil, while also positioning the business as a highly strategic asset for industry players. This transaction underscores our ability to identify and execute on compelling value creation opportunities and we are gratified to have generated a very attractive result for our investors."

About Desktop

Founded in 1997 and headquartered in Sumaré, São Paulo, Desktop is a leading internet service provider in Brazil, with a strong and focused footprint in the state of São Paulo. The Company delivers high-speed connectivity to residential and business customers, supported by a scalable fiber infrastructure. As of year-end 2025, Desktop serves over 1.2 million subscribers across more than 200 cities, with a network spanning over +58,000 km and reaching approximately 4.8 million homes passed. For more information, visit ri.desktop.com.

About Claro

Claro is a leading telecommunications operator in Latin America, offering mobile, broadband, pay TV, and digital services. In Brazil, the Company operates a fully integrated platform with nationwide coverage and leading market positions and ranks among the country's largest telecom providers. Established in 2003 through the consolidation of multiple regional operators, Claro is a subsidiary of América Móvil, a publicly traded company (BMV: AMX; NYSE: AMX) and one of the largest telecom carriers in the world, with operations in more than 20 countries and over 300 million wireless subscribers. For more information, visit claro.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $74 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates

Contact:

Fernando Marques Oliveira
Head of H.I.G. Latin America
Managing Director
foliveira@hig.com

H.I.G. Capital
Av. Ataulfo de Paiva 1251
9th and 10th Floors – Leblon
Rio de Janeiro – RJ, 22440-034
Brazil
P: +55 21 2529-3550
hig.com

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SOURCE H.I.G. Capital

FAQ

How much did H.I.G. sell Desktop to Claro for and what does that mean for AMX (AMX)?

H.I.G. agreed to sell Desktop for R$4.0 billion (c. $750mm). According to H.I.G., the figure is inclusive of Desktop's net debt and represents the enterprise consideration paid by Claro (América Móvil, AMX).

What price per share did Claro offer for Desktop and how was it calculated?

The deal implies a R$20.82 price per share. According to H.I.G., that per‑share price was calculated using Desktop's net debt position as of September 30.

What growth did Desktop achieve under H.I.G.'s ownership before the AMX acquisition?

Desktop grew from roughly 150,000 to over 1.2 million subscribers. According to H.I.G., growth combined organic expansion and 10 strategic acquisitions and expanded coverage to 200+ cities.

What operational scale does Desktop bring to Claro (AMX) in Brazil?

Desktop brings a fiber network of about 58,000 km and presence in over 200 cities in São Paulo. According to H.I.G., this enhances Claro's fiber footprint and customer reach regionally.

Is the sale of Desktop to Claro final and when will it close for AMX shareholders?

The sale is under a definitive agreement but not final; closing requires customary conditions and regulatory approvals. According to H.I.G., Brazilian regulator signoffs remain outstanding before completion.