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Viva la Vivo, A Brazilian Wireless Growth OpportunityValulicious • Oct. 15, 2007
There are no Transcripts on VIV.
Yesterday, 11:14 AM
- Oi (OIBR -9.8%) CEO Bayard Gontijo stated yesterday his company will hold a Jan. 26 bondholder meeting in which it will ask for debt level restrictions to be loosened, in order to gain more M&A flexibility.
- Oi already had R$47.8B ($17.3B) in net debt at the end of September. The carrier is set to reap $9.1B from selling its Portuguese ops to Altice.
- Rivals TIM Participacoes (TSU -3.2%) and Vivo (VIV -2.2%) are also selling off; Brazil's Bovespa index is down 0.6%. Oi has been rumored to be planning a joint bid for TIM with Vivo and America Movil's Claro.
- Previous: TI reportedly in no rush to sell TIM
Fri, Dec. 12, 2:40 PM
- Providing fresh fodder for Brazil's ongoing telecom soap opera, Reuters reports Telecom Italia (TI -2.1%) "has concluded it cannot make a move in the expected consolidation of the Brazilian market ... until the corporate turmoil abates at prospective merger partner Oi (OIBR -6.3%).
- Oi, which just agreed to sell its Portuguese ops for $9.1B, reportedly needs to "cut its debt and costs" before TI agrees to merge TIM Participacoes (TSU -2.8%) with its Brazilian rival. "[Telecom Italia] is in no rush. They are testing the ground and they will not make a rushed decision," says a source.
- Bloomberg reported on Wednesday Oi, America Movil/Claro, and Telefonica/Vivo plan to jointly bid $15B for TIM. Vivo (VIV -2.7%) denies it's currently in acquisition talks.
- All of the related parties are selling off on a rough day for equities in general, and telecom names in particular.
Wed, Dec. 10, 1:53 PM
- Bloomberg reports Oi (OIBR -2.6%), America Movil's (AMX -2.7%) Claro, and Telefonica's (TEF -0.7%) Vivo (VIV +2.8%) plan to jointly offer $15B for Brazilian rival TIM Participacoes (TSU +11.6%).
- TIM has soared on the report, which comes shortly after Oi struck a deal to unload its Portuguese ops for $9.1B. TIM's market cap is now at $12.1B; parent Telecom Italia (TI +1.2%) has risen modestly.
- A Brazilian paper reported in October Oi, Claro, and Vivo were interested in acquiring and breaking up TIM to consolidate a mobile market facing slowing growth and tough price pressure.
Sun, Nov. 30, 4:44 PM
- French cable giant Altice has agreed to buy Oi's (NYSE:OIBR) Portuguese ops for €7.4B ($9.2B), Reuters reports. Bloomberg reports Altice is "close to reaching an agreement," after having beaten out a bid from P-E firms Apax and Bain.
- A Reuters source says Oi and Altice will soon announce they're entering three weeks of "exclusive talks and due diligence" to finalize the deal, which would serve to unravel Oi's merger with Portugal Telecom (NYSE:PT). PT's main asset is a minority stake in the combined company.
- Selling the Portuguese assets could pave the way for Oi to merge with Brazilian rival TIM Participacoes (NYSE:TSU), or to partner with two other rivals - Telefonica's Vivo (NYSE:VIV) and America Movil's Claro - in acquiring and breaking up TIM. TIM parent Telecom Italia (NYSE:TI) has reportedly been weighing a deal with Oi.
Tue, Nov. 11, 6:51 AM
Fri, Oct. 31, 10:14 AM
- Brazilian paper Folha de S. Paulo reports America Movil (AMX +1.6%), Telefonica's (TEF +1.2%) Vivo (VIV +4.9%), and Oi (OIBR +12.3%) have agreed in principle to pay R$31.5B ($13.1B) to acquire and break up TIM Participacoes (TSU +8.6%), Telecom Italia's (TI +2.9%) Brazilian unit.
- The paper adds a formal offer will be made to TI shareholders. TI chairman Giuseppe Recchi says his firm hasn't yet received an offer. TIM's market cap is currently at $12.5B.
- AMX would reportedly keep 40% of TIM, Telefonica 32%, and Oi 28%. Rumors of a joint bid have been around for weeks, as Brazilian carriers dealing with slowing growth and price wars bet consolidation will improve their fortunes.
- Markets are responding well to the report. Oi merger partner Portugal Telecom (PT +8.9%), whose main asset is a stake in the combined company, is also rallying.
Mon, Oct. 27, 9:13 AM| 1 Comment
Wed, Oct. 1, 7:04 PM
- With carriers turning cautious amid slowing subscriber growth and intense price pressure, R$5.8B ($2.4B) was spent during a closely-watched auction for Brazilian 4G spectrum, far less than the R$8B the government was hoping to raise.
- America Movil (NYSE:AMX) bought a chunk of the airwaves, as did Telefonica's (NYSE:TEF) Vivo (NYSE:VIV) and Telecom Italia's (NYSE:TI) TIM Participacoes (NYSE:TSU). Oi (NYSE:OIBR), looking to strengthen its balance sheet follow the Portugal Telecom deal, decided to pass.
- All 4 carriers have been the subject of M&A intrigue in recent months. Oi has reportedly been looking to merge with TIM, while TI is believed to have mulled a takeover of Oi. AMX says it's interested in partnering with Oi on a bid for TIM, and Telefonica has struck a deal to buy Brazilian wireline carrier GVT.
Fri, Sep. 19, 2:52 AM
- Vivendi (OTCPK:VIVHY) has signed a final agreement to sell its Brazilian wireline carrier GVT to Telefonica (NYSE:TEF) in a deal worth around €7.2B (9.3B) in cash and shares.
- Vivendi will also receive a 7.4% stake in Telefonica Brasil (NYSE:VIV), at a stock market value of €2B, and a 5.7% stake in Telecom Italia (NYSE:TI), valued at €1B as of Sept. 18.
Mon, Sep. 15, 5:38 PM
Fri, Aug. 29, 6:54 AM
Fri, Aug. 29, 2:41 AM
- 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
Thu, Aug. 28, 2:52 AM
- Telefonica (NYSE:TEF) and Telecom Italia (NYSE:TI) have both launched new bids for Vivendi's (OTCPK:VIVHY) GVT, which will be examined by the latter's supervisory board today.
- Telefonica has raised its bid to €4.66B in cash and will offer Vivendi a 12% stake in Telefonica Brasil (NYSE:VIV), together totaling a value of €7.45B.
- Telecom Italia's offer represents a total enterprise value of €7B ($9.24B) and includes €1.7B in cash, a 16% stake in Telecom Italia and 15% of TIM Brasil.
- Previously: Telefonica discusses raising bid for Vivendi's GVT
Wed, Aug. 27, 11:08 AM
- Oi (OIBR +9.6%) says it has hired i-bank BTG Pactual to help it explore options for buying Telecom Italia's (TI +4.3%) TIM Participacoes (TSU +6.2%) Brazilian mobile/wireline unit. Shares of all 3 companies are rallying, as are those of Portugal Telecom (PT +6%) and Telefonica's Brazilian unit (VIV +2.4%).
- Given Oi's debt load (almost $20B) and potential antitrust concerns, many think a bid for TIM (would lower the number of Brazilian mobile carriers to 3) can only work if Oi partners with other carriers to acquire and break up TIM. America Movil (AMX +0.7%), which owns rival carrier Claro, is viewed as a potential partner.
- Oi's disclosure comes as a bidding war between TI and Telefonica (TEF +0.8%) for Vivendi-owned (OTCPK:VIVHY) Brazilian wireline carrier GVT heats up. Reuters reports TI will make a €7B ($9.2B) bid for GVT that would give Vivendi a 15%-20% stake in TI; the WSJ reports Telefonica's board is meeting today to consider upping its €6.7B ($8.8B) GVT bid.
Tue, Aug. 19, 3:26 AM
- Telecom Italia (NYSE:TI) will hold a board meeting next week to discuss its offer to acquire Vivendi's (OTCPK:VIVHY) Brazilian broadband unit GVT. The meeting will likely be held on Aug. 27.
- "Certainly nothing will happen this week," says a source.
- Previously: Telefonica upping GVT offer by bundling content deal
Mon, Aug. 18, 2:44 PM
- Reuters reports Telefonica (TEF +0.2%) will include a TV content-sharing deal as part of its offer to Vivendi (OTCPK:VIVHY) for Brazilian wireline carrier GVT. A source states the revised bid is worth €7B ($9.4B), topping Telefonica's prior €6.7B offer.
- Bloomberg has reported Telecom Italia (TI -1.8%) is willing to offer up to €7B for GVT. However, TI's offer is reportedly all-stock, whereas Telefonica is offering both cash and stock.
- In addition, analysts have noted Telefonica's Spanish pay-TV presence could appeal to Vivendi, which owns a sprawling media empire.
- Related tickers: VIV, TSU
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Telefonica Brasil SA provides fixed-line telecommunications services in the State of Sao Paulo. It offers international & interregional long-distance services, as well as multimedia communication services including text, data, & voice among others.
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