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Telecom Italia could divest in Brazil to reduce debt

Telecom Italia could divest in Brazil to reduce debt

Telecom Italia would reportedly consider divesting its TIM Brasil operation if the hypothetical buyer offered a generous valuation for its stake in the Brazilian unit.

Speaking to investors, Telecom Italia CEO Luigi Gubitosi stated that the group has long-term strategy laid out for TIM Brasil, but would be open to selling it off as a means of reducing its substantial debt burden. Reuters reported that the group was also considering selling off some of its holding in telecom mast company INWIT.

Further consolidation looks to be on the cards in Brazil’s mobile market, with America Movil this week shelling out $905 million to buy Nextel Brazil from NII Holdings and AI Brazil Holdings. Telecom Italia had previously been mooted as a possible buyer for Nextel, and reportedly had a non-binding bid for the unit approved by its board.

Telecom Italia’s future plans for TIM Brasil – and indeed its overarching corporate strategy – could be detailed next week when the operator’s shareholders vote on board appointments.

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