Brazilian holding company TIM Participacoes has announced a price of R$8.60 per share, or R$1.64bn in total, for its share offering of over 190m common shares.
The offering of 190,796,858 shares is being coordinated by Banco Itau BBA and Morgan…
Brazilian holding company TIM Participacoes has announced a price of R$8.60 per share, or R$1.64bn in total, for its share offering of over 190m common shares.
The offering of 190,796,858 shares is being coordinated by Banco Itau BBA and Morgan Stanley.
Telecom Italia, which indirectly holds a majority stake in TIM Participacoes, has previously confirmed its intention to underwrite a pro-quota stake of 66.94% of the planned offering.
In a statement in September, Telecom Italia said that the capital increase was designed to help fund the development and expansion of the fixed and mobile network infrastructure in Brazil.
The proceeds would also be used to help fund TIM Participacoes’s recent agreement to acquire the fibre optics company AES Atimus.
Telecom Italia holds a 100% stake in the holding company TIM Brasil, which in turn holds a 67% stake in TIM Participacoes.
TIM Participacoes controls the mobile operator TIM Celular and the fixed-line operator Intelig.
