Vivendi Closes GVT Sale, Gets Telecom Italia Stake
29 May 2015 - 4:25PM
Dow Jones News
By Ruth Bender
PARIS--Vivendi SA (VIV.FR) on Friday said it has completed the
sale of its Brazilian telecom unit GVT to Telefónica SA (TEF), a
move that will add another cash pile to its already large money
reserve and make the French group a significant shareholder in
Italian telecom company Telecom Italia SpA (TI).
Vivendi will in coming weeks own 8.3% of Telecom Italia's
capital, which was part of the deal as agreed with Telefonica last
September.
Vivendi said it will receive 4.2 billion euros ($4.6 billion) in
cash, before tax, and get a 12% stake in Vivo, Telefónica's
Brazilian unit merged with GVT. Vivendi said it will swap 4.5% of
this stake for Telefónica's stake in Telecom Italia, which will
give it the 8.3% interest in the Italian company.
-Write to Ruth Bender at ruth.bender@wsj.com
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