Spain's Telefonica sells Telecom Italia stake to Vivendi
by
MADRIDJun 25, 2015 - 12:00 am GMT+3
by
Jun 25, 2015 12:00 am
Spanish telecom giant Telefonica said Wednesday it had sold its 8.2 percent stake in Telecom Italia to French media group Vivendi, in a deal estimated to be worth more than 1 billion euros. In return, Vivendi transferred a 4.5 percent stake that the French company had earlier acquired in Telefonica's Brazilian subsidiary back to Telefonica. The deal was one of a series of transactions in a complex agreement signed on Sept. 19 for Telefonica to take control of Brazilian telecom firm GVT from Vivendi. Telefonica said the deal would yield it a pre-tax gain of 380 million euros. The deal also boosted Vivendi's stake in Italy's biggest telecom provider to 14.9 percent, Bloomberg reported. It said Telefonica sold the shares for about 1.03 billion euros.
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.