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Tim sells 51% equity stake in FiberCo. to IHS
In early May, Brazilian telecommunications giant TIM announced an agreement with IHS Fiber Brasil, one of the largest independent global operators, to sell 51% of its stake in FiberCo. for R$1.6 billion.
FIberCo. is responsible for the implementation, operation and maintenance of TIM’s fiber infrastructure, which currently covers approximately 6.4 million households in Brazil and, over the next four years, expects to reach over 8.9 million users.
Under the agreements, TIM will sell the controlling interest of the company and maintain the remaining 49% stake - which its enterprise value was estimated at R$2.6 billion – with the goal to deconsolidate a relevant part of the company’s capex and increase its cash flow, as well as to use the resources to finance some obligations and investments, such as the acquisition of Oi Móvel.
IHS Brasil, respectively, operates in the telecommunications market as an infrastructure provider with over 2,200 mobile phone antennas in the country. In this joint venture, the network will become neutral, and TIM will be an anchor tenant with a long-term services agreement, which can also be rented by other internet providers. The companies also reached a 6-month exclusivity agreement to explore the new areas covered.
On May 5th, the deal was approved without restrictions by the Administrative Council for Economic Defense (Cade).
"This is a fundamental step in our fiber growth strategy. It will enable TIM to meet the growing demand for fiber services and place FiberCo in a unique position within the Brazilian market. Our selection of IHS as our partner, a company with exceptional operational expertise, provides us with the capabilities to deliver large-scale services with robust fiber and cutting-edge solutions. This joint venture is testament to our commitment to the Brazilian market as we strive to stay ahead of its rapidly growing fiber demands.”, stated Pietro Labriola, CEO of TIM Brasil.
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