Telefonica spends up in Brazil

Telefonica spends up in Brazil

Spain’s Telefonica has offered BRL20.1bn ($8.82bn) in cash and shares to buy Global Village Telecom through its Brazilian business. The offer to Vivendi for GVT includes BRL11.96bn in cash and shares equivalent to 12% of Telefonica Brasil. It also gives Vivendi the option to buy 8.1% of Telecom Italia. The Spanish telecommunications company would raise capital to inject into Telefonica Brasil to pay for the acquisition, it said. The deal is unlikely to affect Telefonica Brasil’s credit metrics,

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