TMCnet News
Brazil : TELEFONICA to acquire VIVENDI's GVT [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Telefonica SA will buy GVT the broadband arm in Brazil of Vivendi SA in a deal worth around 7 billion euros or nearly $9 billion. The move will help Telefonica challenge its rivals including Mexican billionaire Carlos Slim-owned America Movil SAB. The deal will provide Vivendi with cash of 4.66 billion euros, a 7.4% stake in the Brazilian operations of Telefonica and a stake of 5.7% in Telecom Italia SpA. Telefonica said it will help to fund its acquisition with a capital increase from its operations in Brazil. The acquisition will boost Telefonica's share of the broadband market in Brazil to 30%, as against 32% by America Movil and 27% by Oi SA. The sale of GVT allows Vivendi to continue reducing its assets in the phone industry. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |