Vivendi becomes Telecom Italia's largest shareholder with 14.9% stake
Vivendi has increased its stake in Telecom Italia to 14.9%, replacing Spain’s Telefonica as the group’s largest shareholder.
The French group said it had spent about €1 billion increasing a 1.9% stake it recently purchased to 6.7%.
Vivendi acquired 1.11 billion ordinary shares, or 8.24%, of the operator, in exchange of the share capital of Telefonica Brasil, in accordance with the option given to it as part of the sale of Brazilian broadband group GVT to Telefonica.
“Vivendi’s capital investment in a major Italian company fits into the strategy developed by the group, which gains a foothold in a country with which it shares the same Latin culture and roots," said the company.
"This investment represents an opportunity for the group to be present and to expand in a market with significant growth prospects and a very strong appetite for quality content,” said the company, adding that it intends to support Telecom Italia over the long term."