Telefonica triumphs in GVT bidding war

|By:, SA News Editor

Vivendi (OTCPK:VIVHY) has chosen Telefonica (NYSE:TEF) for exclusive talks over the sale of its Brazilian wireline carrier GVT, snubbing a rival bid from Telecom Italia (NYSE:TI).

"The Telefonica offer best meets the group's strategic and financial objectives," announces Vivendi.

Telefonica's bid is valued at €7.45B, and will merge GVT with its Brazilian mobile phone carrier subsidiary Vivo (NYSE:VIV) to create the country's biggest telecom group.

Previously: Bids raised for Vivendi's GVT