Telefonica waives TI rights to pave way for GVT takeover

News General Brazil 23 MAR 2015
Telefonica waives TI rights to pave way for GVT takeover

Telefonica has formally waived its voting rights in Telecom Italia as part of the conditions required by Brazil's National Telecommunications Agency (Anatel) to grant approval for the Spanish company's acquisition of broadband operator GVT. Earlier this month the Brazilian regulator gave the go ahead for Telefonica to transfer 8.3 percent of its Telecom Italia voting shares to French media group Vivendi as part of the payment for GVT, as well as 11.3 percent of its preferential shares in Telefonica Brasil. In a statement to Spain's market regulator CNMV, the Spanish operator confirmed it had agreed to waive its voting rights in Telecom Italia in an unrestricted manner to comply with Anatel’s rulings.

An unnamed source cited by Reuters last week said Telefonica would shortly announce a capital hike of around EUR 3 billion to help fund the EUR 7.2 billion purchase of GVT.

Categories:

General

Companies:

Telecom Italia,  Anatel,  GVT,  Telefonica Brasil,  Vivendi,  Telefonica

Countries:

Brazil,  Italy,  Spain

Tags:

Regulations, Financial funding, M&A buyouts & divestments

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