Vivendi sells remaining stake in Telefonica Brasil for $877 million
Vivendi has sold its remaining 4% stake in Telefonica’s Brazilian unit for $877 million.
The company announced the sale of 67.9 million Telefonica Brasil shares, after agreeing to convert the other half of its stake into shares of parent company Telefonica.
The transaction – subject to the approval of Brazilian competition regulator CADE – completes Vivendi’s exit from Brazil.
"Today's transaction reflects the group's intention to become more active in Europe and to pursue strategic partnerships there," said the company.
Vivendi acquired approximately 7.5% of Telefonica Brasil when it sold its GVT Brazilianbroadband business to Telefonica for a combination of shares and cash in a deal that was completed in May 2015.
In July 2015, Vivendi increased its stake in Telecom Italia shares to 14.9%, replacing Telefonica as the company’s largest shareholder.