Brazil’s IHS buys controlling stake in TIM’s fiber optic unit in $299 mln deal

SAO PAULO: Brazilian telecoms infrastructure company IHS has bought a 51% stake in TIM SA’s fiber optics unit FiberCo in a deal worth 1.6 billion reais ($299 million), according to a securities filing on Wednesday.

Roughly 1 billion reais will be paid to TIM, which is owned by Telecom Italia, while 609 million reais will go to FiberCo, according to TIM’s exchange filing.