CORRECTED-UPDATE 1-Brazil's TIM to buy majority stake in I-Systems in $183 mln deal

Asure Software, Inc. +1.32%
IHS Holding Ltd. +0.48%

Asure Software, Inc.

ASUR

8.45

+1.32%

IHS Holding Ltd.

IHS

8.29

+0.48%

Corrects typo in company name, IHS, in paragraph 1

SAO PAULO, Feb 11 (Reuters) - Brazilian telecoms operator TIM SA TIMS3 board approved a share purchase agreement with IHS Fiber Brasil to buy 51% of the total share capital of I-Systems for 950 million reais ($182.75 million), the company said on Wednesday.

  • I-Systems will become a wholly-owned subsidiary of TIM once the transaction is concluded, with TIM holding all of its shares, the telecoms operator said in a statement.

  • TIM, which is majority owned by Telecom Italia TLIT.MI, once controlled I-Systems, then called FiberCo.

  • TIM sold its stake to independent communications infrastructure company IHS Towers in 2021.

  • "This move positions TIM more strategically to seek potential future movements in the FTTH (fiber-to-the-home)scenario, maintaining a performance oriented towards profitability and cash generation," TIM added.

  • I-Systems totals about 9 million homes passed, according to the filing.

  • The operation is subject to regulatory approval.

  • Reuters reported TIM's intentions earlier this month citing sources.


($1 = 5.1985 reais)


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