Telefonica offers $9B for Vivendi's GVT

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (NYSE:TEF) says it is offering €6.7B ($9B) in cash and shares for GVT, Vivendi's (OTCPK:VIVHY) Brazilian operator.

The telecom giant is looking to combine GVT with Vivo, its own Brazilian unit, if the bid is successful.

"A combination of both companies would create the largest telecom operator in the largest market in Latin America, providing a unique platform for the generation of synergies and value creation," says Telefonica.