Telefonica's takeover of Vivo gains Anatel approval

Brazilian watchdog Anatel has given conditional approval for Telefonica’s USD9.7 billion takeover of Vivo. The regulator says the deal is dependent on the Spanish operator ensuring that Vivo extends its 3G network in Brazil, that several towns without coverage get a new network, and that universities have access to Vivo’s fibre-optic network. Anatel’s provisional approval means the Vivo deal now goes to Brazil’s Administrative Council on Economic Defense, a body that guarantees market competition.