Brazilian telecoms regulator Anatel has sanctioned the second phase of Telefonica’s USD9.83 billion acquisition of broadband operator Global Village Telecom (GVT) from French media group Vivendi. This stage of the process will see the transfer of shares in Telecom Italia (TI) and Telefonica Brasil to Vivendi take place.
As previously reported by TeleGeography’s CommsUpdate, on 18 September 2014 Telefonica agreed to pay Vivendi EUR4.66 billion (USD6 billion) in cash, alongside a 7.4% equity stake in Telefonica Brasil (valued at EUR2.02 billion) and a 5.7% stake in TI (valued at EUR1.01 billion). In its latest release Anatel notes that the precise stakes being transferred to Vivendi have been modified to 11.3% (Telefonica Brasil) and 8.3% (TI).
In December 2014 Anatel gave its approval to the first phase of the takeover deal. At that juncture the watchdog insisted that Telefonica and GVT cede some of their fixed telephony licences in service areas where their operations overlap, and also to maintain existing service plans for customers for a period of 18 months.