LSU linebacker Harold Perkins Jr.'s season is ended by a knee injury, coach confirms
2 men charged with distributing drugs that killed transgender activist Cecilia Gentili, prosecutors say
RFK Jr. asks Supreme Court to keep his name on New York ballot despite Trump endorsement
Top U.N. officials on Gaza: 'These atrocities must end'
Researchers uncover remains of Ice Age mastodons in Peru
US sends additional forces to Middle East as tensions soar, Pentagon says
Toyota cheated on forklift engine emissions, lawsuit in US claims
Blackrock secures Italy's approval to hold more than 3% in Leonardo
Stephen & Evie Colbert offer a cookbook that's also a window on their lives
What detail political author says is 'unusual' about Melania Trump's paid appearance
By Rodrigo Viga Gaier
RIO DE JANEIRO (Reuters) - The chief executive of TIM Brasil, Alberto Griselli, said on Thursday that its parent company Telecom Italia's agreement to sell its physical network could provide an additional boost for its business in Brazil.
"Brazil is the group's priority; the crown jewel," he told Reuters on the outskirts of an innovation and technology event in Rio de Janeiro.
TIM Brasil is Telecom Italia's main business, generating around 35% of its earnings before interest, taxes, depreciation and amortization, a percentage that will increase, according to Griselli, after U.S. investment firm KKR obtained in late May EU approval to buy Telecom Italia's fixed-line network.
TIM invests an average of 4.5 billion reais ($837.8 million) in Brazil every year and, with the possibility of having fewer restrictions from its parent company, it could have more room to invest.
"The sale overseas makes our controller deleverage; as they deleverage, we have more flexibility in our capital structure here and thus more room for maneuver," said Griselli.
On Wednesday, Moody's raised Telecom Italia's credit rating to Ba3 and maintained a positive outlook following the deal's antitrust approval.
($1 = 5.3713 reais)
(Reporting by Rodrigo Viga Gaier in Rio de Janeiro; writing by Luana Maria Benedito; Editing by Lisa Shumaker)
