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.
