Vivendi finalises GVT buyout

29 Apr 2010

Paris-based media and telecoms conglomerate Vivendi has completed the purchase of virtually all the outstanding shares in Brazilian telephony and internet operator Global Village Telecom (GVT), the company said on Tuesday. As a result of the purchases Vivendi has acquired 93.58% of the free float, boosting its total equity stake to 99.17% of GVT’s shares. Further, GVT will now cease to be registered as a public company and remaining shareholders will be given a chance to sell their stock to Vivendi, Reuters reports.

In January this year, CommsUpdate reported that Vivendi offered BRL56 (USD32.4) per share for GVT’s outstanding stock and said it would pay interest equal to Brazil’s benchmark lending rate (Selic) to shareholders until the purchase is completed. Furthermore, the French company noted its intention to delist GVT shares from the Sao Paulo stock exchange.

Brazil, Global Village Telecom (GVT), Vivendi