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Vivendi opts for exclusive talks with Telefonica on GVT sale
2014-08-28 16:37:00| Telecompaper Headlines
(Telecompaper) Vivendi has decided to enter exclusive negotiations with Telefonica on the sale of its Brazilian broadband operator GVT. The decision comes within a day of Telefonica raising its bid to EUR 7.45 billion, beating an offer of EUR 7 billion from Telecom Italia. Telefonica's offer also comes with a higher cash portion and a stake in Telefonica Brasil. If Vivendi reaches agreement on the sale of GVT, it will exit the telecoms business completely, after earlier selling French operator SFR and Maroc Telecom. Vivendi said it found Telefonica's offer for GVT more attractive, resulting in a profit of more than EUR 3 billion. The bid also carries limited risks, especially after completion of the sale, while opening up opportunities for closer cooperation between the two groups in the media and content sectors.
Tags: sale
exclusive
talks
telefonica
Category:Telecommunications