Nochi Dankner’s IDB Development Corp and its subsidiary, Discount Investment Corporation, are each selling their 16.44% of GVT Holding which itself owns GVT Holland, which in turn owns 22.9% of Brazilian telecoms operator Global Village Telecom (GVT). It is understood the buyer is Israeli investor Shaul Shani’s Swarth Group, which will acquire the holding in a two-stage process. In the first phase, GVT Holland will sell five million shares of GVT Brazil, equivalent to 3.9% of the company, to Swarth Group for USD83.4 million. Upon completion of the first part of the sale, the payment will be transferred from GVT Holland to GVT Antilles. Israeli news service Globes Online says the funds will enable GVT Antilles to acquire 8.5% of its shares from IDB and Discount Investment. In the second stage, GVT Holland will give Swarth Group an option to acquire 4.66 million additional shares of GVT Brazil (3.6% of the company) at BRL32.725 per share (worth USD85.5 million). After completion, the second payment will be transferred from GVT Holland to GVT Antilles.