Vivendi raises stake in Telecom Italia to 19.9%
Vivendi has increased its stake in Telecom Italia to 19.9% in a bid to further expand in southern Europe.
The move follows the French group’s acquisition of a 8.24% stake in the operator as part of the sale of Brazil’s GVT to Spain’s Telefonica in June 2015, making it Telecom Italia’s largest shareholder. It later purchased 6.66% in the company in September 2015.
Vivendi purchased an additional stake through an acquisition of shares on the market and presently owns 19.9% of the operator’s ordinary shares.
“This new investment confirms Vivendi’s intention to support the telecoms group over the long term and to develop its activities in southern Europe,” said the company.