Telefonica Completes Tender For Shares Of Brazil's Vivo
March 18 2011 - 5:14PM
Dow Jones News
Spanish telecommunications giant Telefonica (TEF, TEF.MC)
completed its public tender for outstanding shares of Brazilian
mobile phone company Vivo Participacoes SA (VIV, VIVO4.BR) on
Friday, one of the last steps in the breakup of a local joint
venture between Telefonica and Portugal Telecom SGPS (PT,
PTC.LB).
Telefonica's SP Telecomunicacoes Participacoes holding company
paid 1.27 billion Brazilian reais ($762 million) to buy up the 15.2
million outstanding common shares in Vivo, according to local
exchange operator BM&FBovespa. Telefonica paid BRL118.97 per
share, the exchange said.
The deal is part of Telefonica's expansion in Brazil, a key
growth market for global telecommunications companies. As European
markets have been stagnant in recent years, Latin America has
increased in importance as one of the few regions that has shown
exponential growth, especially in the mobile segment.
The public tender was part of Telefonica's deal to buy the 50%
stake in Vivo, Brazil's largest mobile phone operator, that the
company didn't already own from Portugal Telecom for EUR7.5
billion. Telefonica and Portugal Telecom each held 50% stakes in
Vivo.
-By Jeff Fick, Dow Jones Newswires; 55-21-3288-5011;
Jeff.Fick@dowjones.com
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Apr 2024 to May 2024
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From May 2023 to May 2024