May 6, 2020 / 2:46 PM / a month ago

Brazil's TIM to move forward with M&A plans despite coronavirus

SAO PAULO, May 6 (Reuters) - Brazilian telecoms company TIM Participacoes SA said on Wednesday that it is moving forward with its business strategy, including acquisitions, despite the mixed effects coronavirus is having on its operations.

“The level of uncertainty is much higher, but we’re not willing to cut costs or capital expenditure that will help us grow and compete in the long-term,” Chief executive officer Pietro Labriola said in a call with analysts and investors on first-quarter earnings.

He added that the company is proceeding with a due diligence on rival Oi’s mobile assets and is seeking a partner to boost fiber-to-the-home expansion in Brazil. (Reporting by Gabriela Mello Editing by Chizu Nomiyama)

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