The French group announced that its Supervisory Board has authorized the repurchase of its Brazilian subsidiary GVT by Spanish operator Telefonica. The transaction is expected to close in mid 2015
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Barely three weeks after opening of exclusive negotiations with Telefonica, the French Vivendi said Friday its supervisory board had authorized the repurchase of its Brazilian subsidiary GVT by Spanish operator Telefonica.
“The supervisory board of Vivendi, after a favorable opinion of the representative bodies, authorized signature with Telefonica of the definitive agreement for the acquisition of GVT, its subsidiary Brazilian owned 100%, “says indeed a statement released Friday.
This decision puts an end to the Brazilian adventure Vivendi, which lasted only four years. A disposal which nevertheless enables Vivendi to generate a profit that exceeds 3 billion euros. If in November 2009, the little Brazilian Internet access provider was valued 2.8 billion euros, Telefonica is now willing to pay EUR 7.45 billion to take control.
A transaction completed at the end of H1 2015
“This agreement, signed on September 18, provides for a cash payment of 4.66 billion includes an offset bank debt of approximately € 450 million and adjustments in net working capital. Vivendi will also receive 7.4% stake in Telefonica Brasil, whose stock market value is € 2.02 billion at September 18, and 5.7% stake in Telecom Italia, whose stock value is 1 01 billion at September 18 “explains the press release ..
Completion of the transaction is expected to take place” before the end of the first half of 2015 “, once obtained such approvals Brazilian regulatory authorities
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