By Brazil Stock Guide – TIM S.A. (B3: TIMS3; NYSE: TIMB) has approved the acquisition of the remaining 51% stake in I-Systems Soluções de Infraestrutura for R$950 million, regaining full ownership of the wholesale fiber network operator. The stake was previously held by IHS Fiber Brasil.
I-Systems covers approximately 9 million homes passed across eight Brazilian states and operates under a neutral-host model, with TIM as its anchor tenant. With the buyback, TIM will fully consolidate the asset, internalizing capital expenditure decisions, expansion strategy and financial structure. The transaction remains subject to approvals from Brazil’s antitrust authority, the Conselho Administrativo de Defesa Econômica, and telecom regulator Agência Nacional de Telecomunicações (Anatel).
The deal marks a strategic reversal. In 2021, TIM sold control of the then-called FiberCo for about R$1.1 billion, aligning with a global trend of separating infrastructure assets to unlock value and reduce capital intensity. Five years later, the company is buying back the stake for less than it originally received, reflecting a repricing of Brazil’s neutral-fiber model and a shift toward operational integration.
The move comes amid intensifying competition in Brazil’s FTTH market, led by regional providers and Telefônica Brasil S.A.. By regaining full control of I-Systems, TIM strengthens its fixed–mobile convergence strategy while maintaining a focus on capital discipline and cash generation.
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