Telefonica Brazil offering raises $5.3B

Telefonica Brasil’s public offering has brought in BRL16 billion ($5.3 billion) to finance its acquisition of broadband provider GVT.

The operator is looking to merge its market-leading Vivo unit with GVT - currently owned by Vivendi – in order to expand its quadplay offering. Telefonica and Vivendi agreed a deal last year; the acquisition will cement Vivo’s position in the Brazilian market.

Vivo currently has around 77 million mobile connections, putting it ahead of its closest rival TIM (75 million) as well as America Movil’s Claro (68 million) and Oi (50 million)

First announced in March, the offering was delayed by around a month following a review by the Brazilian securities exchange commission, CVM.

Sign-up to our weekly newsletter

Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Sending occasional e-mail from 3rd parties about industry white papers, online and live events relevant to subscribers helps us fund this website and free weekly newsletter. We never sell your personal data. Click here to view our privacy policy.