Telecom Italia-owned TIM Brasil is open to M&A if the right opportunity arises, CEO Rodrigo Abreu has reportedly said. Abreau said the company will be open to analysing the “natural” consolidation opportunities in the local market.
Telecom Italia (BIT:TIT)-owned TIM Brasil is open to M&A if the right opportunity arises, CEO Rodrigo Abreu has reportedly said.
Reuters cited him saying it was “natural” that there be consolidation opportunities in the local market.
“If they appear, we will be open to analysing them,” he said.
The CEO however denied that there was a deal underway with rival Oi, which itself is in talks with Russia’s LetterOne about a US$4bn investment. That firm, which is also a shareholder in Vimpelcom, is interested in the potential to combine TIM and Oi into a stronger player better able to compete with América Móvil-owned Claro and Telefónica’s local business.
Telecom Italia has avoided saying that the asset is on the block, emphasising its contribution to the parent company’s revenues. However, CEO Marco Patuano did not refer to TIM Brasil in recent statements to the Italian parliament detailing his plans to raise €3bn in 2016.