Telefonica SA (TEF) said Thursday it will be able to unlock between EUR3.3 billion and EUR3.9 billion from merging mobile company Vivo Participacoes SA (VIV) and its fixed-line company Telecomunicacoes de Sao Paolo S/A (TSP), or Telesp.

In a presentation to investors, Telefonica said the savings would come from operating synergies, an integrated operating model, and financial and tax synergies between the two companies.

Telefonica Wednesday agreed to pay EUR7.5 billion to take over Vivo, as the company looks to increase its presence in the lucrative Brazilian market.

Telefonica is Spain's largest telecommunications company by market value and customers.

-By Jason Sinclair, Dow Jones Newswires; 34 913958127; jason.sinclair@dowjones.com
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