Telecom Italia board approves non-binding offer for Brazil's Nextel: source

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© Reuters. FILE PHOTO: The Telecom Italy logo is seen at the headquaters downtown Milan© Reuters. FILE PHOTO: The Telecom Italy logo is seen at the headquaters downtown Milan

MILAN (Reuters) – The board of Telecom Italia (MI:) has approved its non-binding offer for NII Holdings’ (O:) Nextel unit in Brazil, a source familiar with the matter said, in a move that could help boost its market share in the Latin American country.

The offer would be made through Telecom Italia’s Brazilian unit Tim Participações SA (SA:) and could kick off a long-awaited consolidation in Brazilian telecoms.

Much of Nextel’s value comes from its spectrum rights in the wealthier Brazilian states of Sao Paulo and Rio de Janeiro.

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