Vivendi Agrees To Sell Brazilian Unit GVT To Telefonica - Quick Facts

(RTTNews) - French media giant Vivendi SA (VIV.L, VIVEF.PK) had signed a final definitive deal with Spanish telecom operator Telefonica (TDE.L, TEF) regarding the acquisition of its Brazilian broadband unit, GVT.

Vivendi said it would receive 4.66 billion euros in cash, a 7.4 percent stake in the combination of the companies' Brazilian businesses and a 5.7 percent stake in Telecom Italia S.p.A (TI, TIAOF.PK). Also, Vivendi would be liable for tax, including on capital gains, estimated today at around 500 million euros.

The final agreement is subject to certain conditions, including the approval by the relevant regulatory authorities, notably Anatel (Telecommunications) and Cade (Competition) in Brazil. The transaction may close before the end of the first half of 2015.