(see related) French group
Vivendi on Thursday announced that it had entered into exclusive
negotiations with Spanish telecommunications company Telefonica
for the sale of its wholly owned Brazilian fixed network and
broadband service provider GVT.
The decision came after the Madrid-based company upped its
original offer of 6.7 billion euros to 7.45 billion euros, a
valuation described by Vivendi as "particularly interesting".
Telefonica made the new offer Thursday after Italian
telecommunications giant Telecom Italia and its Brazilian
subsidiary TIM Participações bid 7 billion euros for the
Brazilian unit.
In a statement, Vivendi said the offer by Telecom's Spanish
competitor "better responded to the group's strategic and
financial aims" while also giving a nod to the "pertinence and
quality" of the Telecom offer.
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