Brazilian mobile operator TIM Celular has completed its acquisition of fibre optics company AES Atimus from the holding company Companhia Brasiliana de Energia for R$1.522bn (US$885m).
Through this transaction, TIM Celular has acquired the whole of AES…
Brazilian mobile operator TIM Celular has completed its acquisition of fibre optics company AES Atimus from the holding company Companhia Brasiliana de Energia for R$1.522bn (US$885m).
Through this transaction, TIM Celular has acquired the whole of AES EP Telecom, AES’s fibre business in Sao Paolo, and 98.26% of AES Com Rio, the business in Rio de Janeiro. These will now be renamed as TIM Fiber SP and TIM Fiber RJ.
The value of the transaction is slightly lower than the R$1.6bn originally announced in July.
TIM Celular is an indirect subsidiary of Telecom Italia. TIM Celular is controlled by TIM Partipicacoes, which is in turn majority-owned by TIM Brasil. Telecom Italia owns 100% of TIM Brasil.
For the AES transaction, Telecom Italia was advised by BTG Pactual and Mediobanca. AES was advised by Banco Itau BBA.
TIM Participacoes said in a statement that TIM Fiber SP and TIM Fiber SJ would cover a potential market of eight million homes and over 550,000 companies in 21 cities with a 5,500km fibre optic network.