Mark Elwa
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Telefonica Offers $9 Billion for Vivendi Brazil Unit GVT

Telefonica offered to buy Vivendi SA’s Brazilian Internet-provider unit GVT for 6.7 billion euros ($9 billion) to expand in a growth market and address antitrust concerns in the country.

Vivendi would get 11.96 billion reais ($5.3 billion) in cash and shares in Telefonica’s Brazil unit, Madrid-based Telefonica, Europe’s second-largest phone company, said today. Vivendi would also get a right to buy about an 8 percent stake in Telecom Italia SpA (TIT) from Telefonica, a transaction that would reduce Telefonica’s clout in Brazil’s wireless market.