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Vivendi to acquire 0.95% stake in Telefonica after GVT deal
2015-07-29 15:36:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced that it has reached an agreement with French media conglomerate Vivendi to exchange 46.0 million of its treasury shares, representing 0.95 percent of its capital, for 58.4 million preferred shares in Telefonica Brasil, representing 3.5 percent of its Brazilian unit. Vivendi had acquired the shares in Telefonica Brasil as part of the sale of its Brazilian broadband unit GVT to Telefonica. In its statement to Spanish market watchdog CNMV, Telefonica said the share exchange remained subject to approval by the Brazilian competition authority (CADE). Vivendi also released a statement confirming the agreement, adding that "today's transaction reflects the group's intention to become more active in Europe and to pursue strategic partnerships there."
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Category:Telecommunications