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Vivendi sells Telefonica Brasil stake for USD 877 mln
2015-07-30 12:53:00| Telecompaper Headlines
(Telecompaper) French media conglomerate Vivendi has announced the sale of its remaining 4 percent stake in Telefonica Brasil for USD 877 million. The company's move comes a day after it agreed to exchange another 3.5 percent stake in the Brazilian operator for a 0.95 percent stake in the unit's parent company, Telefonica. Vivendi had acquired the 7.5 percent stake in Telefonica Brasil as part of the sale of its Brazilian broadband unit GVT to Telefonica, which also ceded an 8.24 percent stake in Telecom Italia to the French company. However, Brazil's competition authority CADE ruled that Vivendi couldn't continue as an indirect shareholder in Telecom Italia's Brazilian unit TIM Brasil as well as Telefonica Brasil. The French media giant has now proceeded to exit Telefonica Brasil through the share swap and sale, while becoming Telecom Italia's largest shareholder with a 14.9 percent stake.
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Category:Telecommunications