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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