Vivendi has finally fulfilled its dream to get a bigger piece of the Brazil telecom market by completing its acquisition of all the outstanding shares in Brazil-based wireline service provider GVT.
The French conglomerate has increased its equity stake to 99.17 percent of GVT's shares. Now, GVT will no longer be listed as a public company and any remaining shareholders will be able to sell their stork to Vivendi.
Early this year, Vivendi offered $32.4 per share for GVT's outstanding stock and to pay interest equal to Brazil's lending rate to shareholders until it wrapped the deal.
Getting to this point for Vivendi came after engaging in a small bidding war with Spanish telecom giant Telefonica.
For more:
- TeleGeography has this article
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