Vero acquires Fixtell and expands in Northeast Brazil

Vero Internet, a telecommunications company present in Minas Gerais and in all states in the South of the country, announces the acquisition of 100% of the capital of Fixtell, a telecommunications company in the Midwest of the country. The transaction marks the arrival of Vero in Goiás and the Federal District, serving four municipalities: Valparaíso do Goiás, Luziânia, Brasília and Novo Gama. As the operation did not need to be submitted to prior approval by regulatory bodies, it is estimated that the acquisition will be completed during the first half of 2023.

The new business is expected to generate at least R＄50 million in gross operating revenue for Vero in 2023. Vero estimates that Fixtell will have approximately 36,000 customers at the close of the deal, which will see the company surpass the 770 thousand customers in the country. The transaction is a strategic step for Vero, strengthening its national action plan and consolidates the 18th acquisition since the beginning of its creation, in 2019, from a merger led by Vinci Partners. Since then, Vero has had a 510% increase in annual revenues and, as a result, strengthens its action plan in the national broadband market.

“The acquisition marks the company’s entry into the Midwest and reinforces the strategy of nationalizing the business”, says Fabiano Ferreira, CEO of Vero Internet. “We started operating in the surroundings of the DF, a region with the highest population growth in recent years and which has one of the best levels of economic activity in Goiás, according to official statistics from the state government”, he adds.

According to Fabiano, despite the more challenging macroeconomic scenario next year, Vero Internet’s expansion plans are maintained and the company will continue with the pace of entry into new cities, either through M&A’s or through organic growth.

Fixtell currently has approximately 216 employees, who will be fully integrated into Vero’s operations, ensuring continuity of close customer service and preserving local values and culture. The addition represents an 8% increase in the number of Vero employees, which jumped from 750 at the start of its operations in 2019 to more than 2,900 after the completion of this transaction.

With operations in Minas Gerais, Rio Grande do Sul, Paraná and Santa Catarina — and now, in the Midwest –, Vero Internet will total more than 200 cities served and approximately 3.1 million Home Passed.

“This transaction shows how much we believe in the continuous development of our business and in the constant gain of profitable market share, generating lasting results for customers, employees, shareholders and society” concludes Fabiano Ferreira. Bnamericas