TIM announced this Wednesday, February 11th, that it has acquired 51% of the shares of I-Systems, a company operating in the neutral fiber optic network sector, for R$ 950 million. With this transaction, which needs to be approved by CADE (Brazil's antitrust authority), the telecommunications company will gain control of the company, of which it already owned 49% of the share capital.
With I-Systems, TIM gains access to an independent infrastructure focused on the wholesale segment, present in the states of São Paulo, Minas Gerais, Rio de Janeiro, Goiás, Paraná, Bahia, Pernambuco, and Amazonas. In total, the company covers approximately 9 million households.
"The initiative expands the company's ability to improve the quality of connectivity services, enhancing the end-to-end experience for its customers," the company stated in a press release.
"The transaction is expected to unlock efficiency opportunities through full control of operations. Additionally, this move positions TIM more strategically to pursue potential future moves in the FTTH landscape, while maintaining a focus on profitability and cash generation."
The news comes after rumors that TIM would be selling its stake in the company, which already had potential interested parties and even negotiations with companies such as Alloha and V.tal, both active in the segment.
TIM is following in the footsteps of its rival Vivo, which acquired 50% of the capital of FiBrasil, a neutral fiber company, from the Canadian fund CDPQ, for R$ 850 million. With this transaction, Vivo now owns 75% of the company and has reinforced its commitment to the fiber optic segment.
On the evening of Tuesday, February 10th, TIM released its financial results for the fourth quarter of 2025, in which it reported a normalized net profit of R$ 1.35 billion, 28% higher than the amount achieved a year earlier.
The result exceeded market projections, which expected a profit close to R$ 1.2 billion. EBITDA, earnings before interest, taxes, depreciation, and amortization, reached R$ 3.67 billion, 9.7% higher year-on-year.
In early January, Citi analysts downgraded their recommendation for the stock from buy to neutral, citing a more balanced risk-return scenario after the company's recent stock rally, which saw its shares rise more than 15% in the last month and accumulate a 68% return by 2025.
At the time, JP Morgan made the same decision, believing that a large portion of profit expectations had already been priced in.
