French conglomerate Vivendi said Friday that it has finally agreed a deal for the sale of its wholly owned Brazilian operation, GVT, to European carrier Telefónica. The agreement, signed Thursday, includes a payment of €4.66bn in cash.
Telefonica has announced it will completely exit from Telecom Italia once its deal to acquire GVT from Vivendi, as agreed last week, is finalised. This means an end to a period of tense relations between the Spanish and Italian operators as they have battled over the Brazilian arm of Vivendi, and the chance to create a stronger local unit to compete in the Brazilian market.
Telecom Italia has reportedly initiated talks with Vivendi, in a bid to counter Telefónica’s bid for the latter’s Brazilian asset GVT, that could see Vivendi take a stake in either Telecom Italia or Telecom Italia Media, writes Digital TV Europe.
Telefónica and its Brazilian subsidiary on Tuesday submitted an offer to merge with Brazilian ISP Global Village Telecom (GVT) for around €6.7bn and a 12 per cent stake in the share capital of the new entity. GVT is owned by French conglomerate Vivendi.
Global Village Telecom (GVT), a major Brazilian telco with operations in 17 states, has selected Motorola Mobility’s EDGE Manager platform to remotely manage and troubleshoot its residential broadband subscribers’ connections.
French conglomerate Vivendi has launched a €2bn offer for 100 per cent of Brazilian fixed line carrier GVT, giving it access to a wide range of services for the Latin American market, including VoIP telephony, corporate data, broadband, internet services and pay TV.
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