Regulator approves Telefónica and Vivendi equity swap
18 March 2015 |
Brazil’s telecoms regulator has approved an equity swap between Vivendi and Telefónica as part of the acquisition of GVT by the Spanish group.
The regulator’s board approved the exchange of shares held by Vivendi in Telefónica Brazil for shares owned by Telefónica in Telecom Italia.
In a move to obtain regulatory approval for the GVT acquisition, Telefónica will reduce its share in Telecom Italia to 6.47%. Vivendi will own 11.3% of the preferred shares of Telefônica Brasil and 8.3% of the voting shares of Telecom Italia.
In September, Telefónica sealed its deal to purchase GVT for €4.66 billion in cash from Vivendi, with the latter also acquiring Telefónica’s 5.7% stake in Telecom Italia as well as a 7.4% stake in its new company, Telefónica Brasil. The total deal was estimated at €7.2 billion.
According to the regulator, the share swap "poses no impediment to the continuation of services by TIM and Intelig Telecomunicações (TIM's sister company) since the two carriers are only indirectly controlled by Telecom Italia”.
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