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PARIS / MADRID 19 September (Reuters) – THE French group Vivendi has signed a definitive agreement for the sale of its Brazilian subsidiary Gvt to Spain’s Telefonica, in an operation by € 7.2 billion in cash and stock.
The deal, concluded after only three weeks from the start of negotiations with Telefonica, provides payment of 4.66 billion euro cash, from which must be deducted a bank debt of € 450 million and working capital adjustments.
As part of the deal, the French media group will detect the package of 8.3% of the voting rights in Telecom Italy, equal to 5.7 % of total shares, held by Telefonica and 7.4% of the share of Telefonica Brasil.
The transaction is expected to close within the first half of 2015.
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