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Vivendi becomes top Telecom Italia investor with 14.9% stake
2015-06-25 08:38:00| Telecompaper Headlines
(Telecompaper) French media conglomerate Vivendi has confirmed that it has increased its stake in Telecom Italia to 14.9 percent and replaced Telefonica as the Italian operator's largest shareholder. "This investment represents an opportunity for the group to be present and to expand in a market with significant growth prospects and a very strong appetite for quality content," said Vivendi, adding that it intends to support Telecom Italia over the long term. The French group said it had received 8.24 percent of Telecom Italia shares from Telefonica as part-payment for the sale of its Brazilian broadband unit GVT, which closed on 28 May. In addition, Vivendi raised its ordinary shares in Telecom Italia from a "recently purchased" 1.9 percent to 6.66 percent on 22 June, representing a global cash payment of around EUR 1 billion.
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Category:Telecommunications