ETDs @PUC-Rio
| Título: | EVALUATION OF POTENTIAL SYNERGIES GENERATED BY A MERGER BETWEEN TIM S.A. AND OI S.A. | ||||||||||||
| Autor: |
CARLOS HENRIQUE DA SILVA PADUA |
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| Colaborador(es): |
MARCELO CABUS KLOTZLE - Orientador |
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| Catalogação: | 26/NOV/2019 | Língua(s): | PORTUGUESE - BRAZIL |
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| Tipo: | TEXT | Subtipo: | THESIS | ||||||||||
| Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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| Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=46032&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=46032&idi=2 |
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| DOI: | https://doi.org/10.17771/PUCRio.acad.46032 | ||||||||||||
| Resumo: | |||||||||||||
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The telecommunications market in Brazil is reaching maturity and the competition has pushed the operators margins. Market agents speculate about an ongoing rationalization and consolidation process in the industry for the coming years. Considering the complementarity of the operations, a low level of market concentration and frequency spectrum consolidation, the analysis aimed to evaluate the potential synergies generated by a merger between TIM and Oi. The evaluation used the discounted cash flow method, perpetuity, CAPM and market multiples. It was also taken into account the experience of 10 years in the implementation of strategic projects and strategic planning in the two operators. As a result, a high potential for synergies was found, even using conservative assumptions, mainly in revenue generation, reduction of network costs and overlapping investments. The findings suggest that it is possible to infer, given the expected volume of synergies, a greater value for the companies in a consolidated operation than in a separate scenario.
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