U.S. markets close in 4 hours 21 minutes

Tim Participacoes CEO sees Brazil 5G auction in about a year

SAO PAULO, Feb 20 (Reuters) - The chief executive of Brazil's third largest wireless carrier TIM Participações, Sami Foguel, said on Wednesday that the government should auction the 5G spectrum as soon as possible and he expects that to happen in about a year's time.

Foguel spoke in a call to analysts after TIM announced fourth quarter net revenues rose by 5.2 percent year-on-year to 4.48 billion reais ($1.2 billion). He said the company is trying to avoid a price war, though he sees less competition on the Brazilian market this year.

($1 = 3.7109 reais) (Reporting by Anthony Boadle)