|
Target valued $ 4.1 billion
Vivendi Gains Control of GVT
PARIS, 14 November 2009. Vivendi, Europe's largest entertainment group has won control over GVT of Brazil, one of the world fastest growing telecom operators, after outbidding Telefonica of Spain. A subsidiary of Swiss banking group Crédit des Alpes originated the transaction and advised GVT’s majority shareholders. Vivendi said it also had unconditional options to buy a further 19.6 per cent, up to 57.5% of the total capital and it was launching a mandatory tender offer at R$56 per share for 100 per cent of the Brazilian operator valuing it company at R$7.2bn ($4.1 bn).
The deal is a blow to Telefónica. The move is a coup for the French group which appeared to have been outmanoeuvred by the Spanish telecoms group. But the deal comes at a high price given the limited overlap between GVT and Vivendi, which has no presence in Latin America. "Our offer of R$56 per share to acquire the control of GVT reflects the exceptional quality of this operator and its teams, as we have been able to confirm after a thorough analysis of its business model and performance record," Mr Jean-Bernard Lévy, Vivendi’s executive chairman said in a statement.
|
|
(click here to enlarge)
November 14, 2009
|
