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Telefonica funding GVT acquisition with Brazilian IPO

Telefonica Brasil has revealed that it will partially finance its acquisition of broadband firm GVT via a public offering.

Local media have reported that the operator began considering this strategy in September 2014, around the time that it announced that it would acquire GVT for €7.2 billion from Vivendi.

Telefonica has stated that it “intends to make the filing of such offer after obtaining all regulatory approvals for the acquisition of GVT, as well as the corporate approvals for the offer”.

The operator is believed to be negotiating with several banks in order to finance the deal. It aims to merge GVT with its Vivo unit to offer fixed and mobile services along with broadband.

While Telefonica expects to receive regulatory approval for the deal by June 2015, it has not given a timeframe for either closing the deal of making its public offering.

 

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