- Vivendi (OTCPK:VIVHY -2.4%) is out of Telefonica Brasil (VIV -4.6%) after finalizing its share swaps related to the sale of GVT.
- The French conglomerate sold a 4% stake in Vivo on the open market for $877M in July and entered a swap deal with Telefonica (TEF -4.2%) for its remaining 3.5% stake, taking approximately a 0.95% interest in Telefonica.
- It had obtained the stake in Vivo after selling GVT to Telefonica.
- So Vivendi is "out" of Brazil, but still has an indirect presence: a 15.5% stake in Telecom Italia, which owns TIM Brasil.