Telefonica of Spain has agreed to acquire French media group Vivendi’s Brazilian broadband provider Global Village Telecom (GVT), three weeks after the pair entered into exclusive talks for the business. According to a statement from Paris-based Vivendi today, it will receive EUR4.66 billion (USD6 billion) in cash, a 7.4% equity stake in the pair’s enlarged Telefonica Brasil business, and a 5.7% stake in Telecom Italia (TI). The deal, which will leave Telefonica in a stronger position to compete in the lucrative Brazilian telecoms market, is expected to be completed in the first half of next year. The Madrid-based carrier filed a notice to the stock market earlier this month detailing its acquisition roadmap and the terms of its offer in the wake of Vivendi’s announcement that it had entered into exclusive talks with Telefonica over a deal – closing the door on rival Telecom Italia (TI). In its roadmap, Telefonica says it expects to receive the necessary shareholder approval from Telefonica Brasil (Vivo) investors by October and the thumbs up from Anatel and the antitrust agency Cade next year. Vivendi notes it will also be liable for taxes of about EUR500 million as part of the deal.