Vivendi receives regulatory approval for GVT sale

Vivendi receives regulatory approval for GVT sale

Vivendi is reportedly nearing the sale of its Brazilian telecoms unit GVT having received approval from regulators.

The French media group is likely to close the deal in the coming weeks after receiving approval from the government for a deal with either DirecTV or a group of investment firms led by KRR, according to local publication Folha de S.Paulo.

A Vivendi executive told the paper that the company may accept a share swap as part of a deal to get closer to the $9.6 billion it is asking for GVT.

Final bids are expected by mid-March.

DirecTV said it will maintain its cash offer at around 15 billion Brazillian Real but could sweeten the deal with a share swap.

Meanwhile the deal with a group of private equity funds including KKRs would involve a smaller offer that would leave Vivendi with a partial stake in GVT, reports Folha.

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