The Telecom Italia is evaluating a takeover bid (OPA) on Hi, reported Bloomberg on Tuesday. Without giving great detail, the news agency cites information gathered from three people knowledgeable in this process.
The operation was performed through the mobile operator TIM that, ironically, has been identified as a potential takeover target of Hi. In August, the company led by Zeinal Bava announced it had hired Banco BTG Pactual to advise the purchase of a position TIM (which has a market value of about 14,000 million dollars and is owned 67% by Telecom Italia).
Who will buy those who do not know, but the reason given for any of these operations is always the same. curb the growth of Telefónica Spain’s largest telecommunications market in Latin America
According to the Bloomberg , Telecom Italia (owned by Telefónica) have already asked their advisors together the feasibility of the operation to be performed by TIM, but has not yet made any contact between companies.
PT shares closed the session on Tuesday with a rise 6.08% to 1.78 euros, after a peak in which appreciated 8.46%. The shares climbed Hi this afternoon more than 10%.
The agency also notes that Hi, whose completion of the merger with PT is just waiting for regulatory approvals, is the fourth largest operator of Brazilian communications, with a market value of 13,500 million reais (approximately EUR 4,500 million) and that any potential buyer would also have to ensure the company’s debt, which exceeded 30,000 million reais (nearly EUR 9900 million) late in the first quarter.
With the purchase of Hi, TIM join to offer mobile fixed communications necessary to compete with Telefónica market converged services (so-called “pacotões”). A reinforcement that would make even more sense after being defeated by Telefónica in battle by the cable operator GVT.
“I always made it clear that financial flexibility is one of our strengths,” said CEO daTIM, Rodrigo Abreu last week when asked about the possibility of increasing the company’s debt to fund growth operations. “We are a company with a low level of debt and can make the move when opportunities arise. It has in previous acquisitions, “said the official, quoted by Bloomberg .
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