Brazil’s TIM to buy majority stake in I-Systems in $183 mln deal

SAO PAULO: Brazilian telecoms operator TIM SA board approved a share purchase agreement with HIS 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, once controlled I-Systems, then called FiberCo.