A PYMNTS Company

Brazil: Telefonica boosts media portfolio with $9.3B takeover

By  |  September 21, 2014

Spain’s Telefonica has reportedly further established itself as a media giant in a deal struck with France’s Vivendi to acquire telco assets in Brazil.

Reports say Vivendi will sell its telecommunications company GVT to Telefonica in a deal worth $9.3 billion in cash and stalk. The move, say reports, cements Telefonica’s global status as more than just a telecommunications firm; Telefonica Brasil is the nation’s top telco provider and holds 29 percent of the market, while GVT holds as 12 percent stake in the industry.

Telefonica will gain an established telco network throughout southern Brazil through the deal, reports say.

Vivendi and Telefonica first entered discussions about GVT in August.

Full content: The Street

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.