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Brazil's TIM hires UBS to find partners to boost fiber network

Credit: REUTERS/ARND WIEGMANN

Brazilian telecoms firm TIM Participacoes SA has hired the investment banking unit of UBS AG to seek partners to finance its fiber-to-the-home network in Brazil, the company said on Thursday.

SAO PAULO, July 16 (Reuters) - Brazilian telecoms firm TIM Participacoes SA TIMP3.SA has hired the investment banking unit of UBS AG UBSG.S to seek partners to finance its fiber-to-the-home network in Brazil, the company said on Thursday.

"This deal will bring strength and speed in the expansion of our fiber network," Chief Executive Pietro Labriola said in a statement.

Labriola had said earlier in May TIM was seeking partners to expand its network.

Brazilian newspaper Valor Economico reported earlier that TIM had hired UBS as an adviser in potential deals involving its fiber expansion.

(Reporting by Carolina Mandl; Editing by Steve Orlofsky)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

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