TIM Participacoes Buys Intelig

Brazil telecom company TIM Participacoes has agreed to acquire Intelig Telecomunicaciones. TIM plans to issue up to 6.15% of its preferred shares and up to 6.15% of its common shares, representing 9.13% of TIM’s fully diluted shares outstanding, for a total consideration of BRL628m based on the closing stock price of BRL6.45 per preferred share and BRL3.26 per common share. TIM initially announced its intentions of acquiring Intelig in February. The deal was privately negotiated, according to Dealogic.