BTG Pactual telecom unit Nio enters mobile market

Nio, a telecom operator controlled by Banco BTG Pactual S.A., is expanding into the mobile phone market in October through an MVNO partnership with Surf Telecom, which leases network capacity from TIM. Executive Márcio Fabbris stated that mobile lines will initially be offered only bundled with fiber broadband plans under a locked-price guarantee to boost customer retention.

The company originated from Oi Fibra and completed its operational separation from Oi in January. The transition was costly, causing the loss of 500,000 customers. Nio returned to customer growth in the second quarter by adding about 20,000 new subscribers to its base of 3 million. Its monthly churn fell from around 5% to 4% and is heading toward 3%.

Nio generates nearly BRL 4 billion in annual revenue and does not expect net growth this year, but Fabbris projects stabilization in 2027 followed by accelerated growth. In broadband, the locked-price policy was initially set until January 2028 and has since been extended to 2030.

The operator holds a network concentrated outside São Paulo, with strong presence in Rio de Janeiro, Paraná, Amazonas, Pará, and Acre. An expansion into São Paulo is only planned for evaluation from 2028 onward, while an initial public offering remains in the long-term plans under BTG Pactual's ownership.