Vivendi, Telefonica seal US$9.3b broadband deal
Paris
FRENCH media group Vivendi has closed the deal to sell its Brazilian broadband business GVT to Spain's Telefonica for cash and shares worth around US$9.29 billion, the companies announced on Friday.
Telefonica plans to fold GVT into its Vivo-branded Brazilian mobile phone business to create the country's biggest telecom group, Telefonica Brasil.
Under the deal Vivendi will get not only a 7.4 per cent stake in Telefonica Brasil and 4.66 billion euros (S$7.59 billion) in cash but has also opted to take off Telefonica's hands its remaining stake in Telecom Italia - 8.3 per cent of Telecom Italia's voting share capital, or 5.7 per cent of its total share capital. Vivendi had had the option to take the Telecom Italia stake or a further 4.6 per cent of Telefonica Brasil. Reuters
TRENDING NOW
US dollar falters after Iran’s offer to reopen Hormuz sends oil lower
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
Floods compound Philippine growth woes from public-works scandal
Tokyo reverses baby bust with AI matchmaking and generous subsidies