Telecom Italia Aquisition Of AES Atimus A Positive Move

Telecom Italia (TI) is buying telecoms infrastructure company AES Atimus for EUR700mn. CFW believes this is a positive move for TI, which will possess a 5,500km fibre-optic network running through Sao Paulo and Rio De Janiero. This will allow the company to develop its mobile broadband services and consolidate its strong market position in the fast growing economy. As growth in TI's home market slows due to debt burdens and protracted economic growth, CFW believes it will be imperative to drive growth in emerging markets and considering TI's strong position in the market and BMI's growth outlook for the telecoms sector, we believe Brazil is a smart choice.

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