A local newspaper – which did not reveal where it had obtained the intelligence – said that the deal between the three companies has not been finalised, but they plan to spend approximately R$31.5 billion ($13.1 billion) on Brazil’s second-largest mobile player.
TIM is majority owned by Telecom Italia, and the given price will allegedly include a 5% premium pay-out to major and minor shareholders of TIM.
The deal, if indeed it does materialise, goes against reports from many parties over the last 12 months.
In December 2013, Telecom Italia confirmed that it would not be selling TIM, and in January 2014, Telefónica denied rumours that it was planning a bid for TIM in partnership with América Móvil and Oi.
Later in June, Vivendi-owned broadband provider GVT said that it would work with the Brazilian government to prevent the break-up of TIM.
Breaking up TIM would ease up the crowded four-way mobile market in Brazil and the proposed bid from América Móvil, Telefónica and Oi would divide TIM between the three in a 40%, 32% and 28% split, respectively.
The transaction is thought to be being handled by investment banking firm Grupo BTG Pactual.
