Telefonica SA's (TEF) Brazilian unit Wednesday made a bid for telecommunications company GVT Holding SA (GVTT3.BR) as it looks to expand its foothold in Brazil.

In a filing to the Spanish market regulator, Telefonica said it would offer 48 Brazilian reals ($27.2) a share for GVT, which could amount to a total investment of EUR2.55 billion.

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

Company Web site: http://www.telefonica.com

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