Davis Polk advised TIM Participações S.A. in connection with an SEC-registered offering of 190,796,858 common shares, including common shares in the form of American Depositary Shares. The total proceeds of the offering were approximately US$891 million. The common shares are traded on the São Paulo Stock Exchange and the American Depositary Shares are traded on the New York Stock Exchange.

Headquartered in Rio de Janeiro, Brazil, TIM is the second-largest provider of mobile telecommunication services in Brazil, based on number of phone lines, with 56.8 million subscribers and a market share of 25.8%. TIM is a subsidiary of Telecom Italia S.p.A., one of Italy’s largest telecommunications groups. 

The Davis Polk corporate team included partner Manuel Garciadiaz and associates Drew Glover and Henrique Canarim (admitted only in Brazil). Partner Harry Ballan and associate Una Au provided tax advice. Associate Catherine L. Martin provided 1940 Act advice. Joshua Sills was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and São Paulo offices.