GVT unveils secondary public offering plan; deal could be worth USD546m

24 Aug 2009

Brazilian telephony and internet provider Global Village Telecom (GVT) has announced plans to launch a secondary public offering, although it stopped short of providing any further details on the amount it plans to make available or indeed a firm timetable. BNamericas writes that GVT shareholders Global Village Telecom (Holland) and Swarth Investments, which form part of the company’s controlling group, have decided to undertake the secondary offering on the over-the-counter market. It is understood the share price will be set by the Sao Paulo stock exchange and that upon completion of the offering, both shareholders will continue to own more than 5% of the company’s share capital, with no change in control. One local broker, Ativa, says the offer could encompass 27.1 million shares, or 21% of GVT’s total capital. On current prices, this would value the offer at close to BRL1 billion (USD546 million).

Brazil, Global Village Telecom (GVT)