TIM Brasil (Buy, TP: R$28, +1%) IHS Towers (Buy, TP: $10, +20%) TIM Brasil to Buy the 49% of i-Systems it doesn’t own from IHS Towers – quick take
As rumoured, TIM Brasil is buying the 49% of i-Systems it doesn’t own from IHS Towers for R$950m (US$ 181m). As we have been thinking would happen, the M&A cycle is hotting up in EM, and this deal likely facilitates the potential takeover of IHS by MTN too. This seems a sensible transaction to us, at a fair price to both sides.
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