Telefonica seals Vivo stake deal
By Daniel Woolls |
July 29, 2010, Thursday
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Print Edition
Print Edition
TELEFONICA said yesterday it has reached an initial agreement with Portugal Telecom to acquire a controlling share in Vivo, Brazil's largest cell phone company, for a reported 7.5 billion euros (US$9.77 billion).
In a statement to market regulators, Telefonica gave no figures but the newspaper El Pais says the company has agreed to pay PT 7.5 billion euros for its 50 percent stake in Brasilcel, a Dutch holding company which in turn owns 60 percent of Vivo. Telefonica already owns the other half of Brasilcel.
That amount is 350 million euros more than Telefonica's last offer to PT. PT's shareholders accepted it in late June, but the Portuguese government blocked the deal.
The European Union's Court of Justice, however, ruled the government's blocking of the deal was illegal.
In a statement to market regulators, Telefonica gave no figures but the newspaper El Pais says the company has agreed to pay PT 7.5 billion euros for its 50 percent stake in Brasilcel, a Dutch holding company which in turn owns 60 percent of Vivo. Telefonica already owns the other half of Brasilcel.
That amount is 350 million euros more than Telefonica's last offer to PT. PT's shareholders accepted it in late June, but the Portuguese government blocked the deal.
The European Union's Court of Justice, however, ruled the government's blocking of the deal was illegal.
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