Telefónica Brasil Closes Acquisition Of Global Village Telecom - Quick Facts

(RTTNews) - Telefónica Brasil (TDE.L, TEF) reported that the company's Extraordinary Shareholders' Meeting supported the purchase of Global Village Telecom from Vivendi. The company also announced that its Board and Shareholders' Meeting have approved the proposal of appointing Amos Genish as Telefónica Brasil's new Executive Chairman.

The shareholder approval follows the approval granted from the relevant Brazilian authorities during the first quarter of the current year. The deal was announced in September 2014.

The closing of the transaction has been formalised for a total of 4.66 billion euros (by means of cash settlement and debt assumption), as well as the hand over of 12% of the share capital of the new Telefónica Brasil—resulting from the integration. In the coming weeks, Vivendi will exchange 4.5% of this interest for 8.3% of the ordinary shares of Telecom Italia, according to the terms.