Telefonica Brasil (Vivo), a Brazilian telecommunications group and subsidiary of Spanish Telefonica, approved the transfer of the company's IoT and big data activities to IotCo Brasil, in which it now holds a 50.01% stake in the company.
The Board of Directors of Telefonica Brasil has written to the stock market authorities of the South American country, Telefonica IoT, the Big Data e Tecnologia do Brasil (IoTCo Brasil) transaction has been valued at 94 million reais (about 14.2 million euros).
According to a press note, the teleco has formalized an internal operation to reinforce the activities of its technological subsidiary in the field of the Internet of Things. Within the operation, different assets of IoTCo and its subsidiary Telefônica Infraestrutura e Segurança, related to the field of the internet of things and big data, will be transferred to Tech.
Telefónica explained that the alliance will allow the development of new services and solutions for the Internet of Things and Big Dada for companies, and advance in the positioning of its platforms to capture growth opportunities in this business.
Last August, Telefónica Brasil announced an agreement for the sale of 49.99% of the capital of its CloudCo Brasil division to Telefónica Cybersecurity & Cloud Tech, in a transaction valued at 76 million reais (about 12.2 million euros).
The operation is not subject to any regulatory authorisation or additional approvals besides those already obtained by the company’s governing bodies, and it does not change the capital structure of the company, nor causes any dilution to its shareholders, generating value for them by accelerating growth and increasing its operational efficiency, said the release.