Viva la Vivo, A Brazilian Wireless Growth OpportunityValulicious • Oct. 15, 2007
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Yesterday, 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
Sun, Aug. 17, 9:00 AM
- Telecom Italia (NYSE:TI) is preparing an offer of as much as €7B ($9.4B) to outbid Telefonica (NYSE:TEF) for Vivendi's (OTCPK:VIVHY) Brazilian broadband unit GVT, Bloomberg reports.
- Previously, Telefonica offered $9B to merge GVT with its mobile and wireline subsidiary Vivo.
- If the deal goes through, Vivendi would receive a 20% stake in Telecom Italia and a share in the combined companies' Brazilian units.
Tue, Aug. 5, 2:50 PM
- Telefonica (TEF -3.1%) and Brazilian subsidiary Vivo (VIV -7.5%) are off sharply following news Telefonica has bid $9B to acquire Brazilian wireline carrier GVT from Vivendi (OTCPK:VIVHY +1.9%), with plans to merge it with Vivo's mobile and wireline ops.
- America Movil (AMX -2.5%), which had 68.8M Brazilian mobile subs and 34.5M wireline revenue-generating units at the end of Q2, is also off. As are Telecom Italia (TI -6%) and Brazilian unit TIM Participacoes (TSU -9.7%), and Oi (OIBR -6.7%) and merger partner Portugal Telecom (PT -5.1%).
- Vivendi says it will study Telefonica's bid, but insists for now that "none of its subsidiaries are for sale." The conglomerate agreed to sell French carrier SFR in April.
- A Vivo/GVT pairing could be a tougher rival for America Movil and Oi/PT, and would likely lead to a sale of Telefonica's stake in TI (as sought by Brazilian regulators). As it is, Telefonica has announced plans to cut its TI stake (currently at 14.8%) through a convertible debt offering.
- There's speculation Vivendi could take Telefonica's remaining TI stake as part of its payment for GVT, but Nomura has its doubts. "It's hard to see why, from a Vivendi shareholder's perspective, they would want to have a minority position in Telecom Italia."
Wed, Jul. 16, 7:10 PM
- Telefonica (TEF +1%) plans to sell €750M ($1B) in 3-year debt that converts into Telecom Italia (TI +3.7%) shares. The debt will carry an interest rate of 5.25%-6%.
- A source tells Reuters the offering will allow Telefonica to cut its take in TI to ~5% from a current 14.8%. Another says it could pave the way for Telefonica to fully liquidate its stake, though no decision has been made.
- The first source: "This is a way for Telefonica to sell part of its stake in Telecom Italia while ensuring against downside risk if the shares lose value in the next three years."
- The offering follows attempts by Telefonica to get TI to sell Brazilian subsidiary TIM Participacoes (TSU -0.3%), thereby strengthening its balance sheet and appeasing regulators unhappy Telefonica has both a stake in TI and control of TIM rival Vivo (VIV +0.8%). Unloading the TI stake gives Telefonica an alternate way of keeping regulators happy.
Tue, May. 20, 10:50 AM
- Telefonica Brasil (VIV -1%) discloses NII Holdings (NIHD -6.8%) has agreed to pay it at least R$1.038B ($472M) over 5 years for access to its network.
- NII soared in January after announcing a wholesale deal with Telefonica that gave it access to the carrier's Brazilian/Mexican 3G networks, amid hopes the move would help it lower capex and halt ongoing share losses.
- Shares have made fresh lows today. They edged higher last week after NII announced it lost 52K subs in Q1, and stated it has enough cash to last until early 2015.
Mon, Mar. 24, 2:33 PM
- The Brazilian government plans to sell TV airwaves in the low-frequency 700-MHz. band (good for rural areas and in-building coverage) to mobile carriers. America Movil (AMX +2.2%), Telefonica Brasil (VIV -0.2%), Oi (OIBR +5.9%), and TIM Participacoes (TSU -2%) are expected to take part.
- Analyst Luis Azevedo thinks total auction expenses could top 7B reais ($3B), after factoring costs related to moving broadcasters to other spectrum and reducing interference. Unlike past auctions, the spectrum sale doesn't come with coverage requirements.
- Bidding is expected to start in August. The auction announcement comes with TIM's future still up in the air. Telefonica's efforts to up its stake in TIM parent Telecom Italia have fueled expectations TI will sell TIM. Regulators have suggested they'd prefer TIM be sold to an outside party, rather than acquired piecemeal by its rivals.
Wed, Jan. 15, 9:58 AM
- Intel (INTC +0.9%) has been upgraded to Outperform by BMO a day after JPMorgan upgraded shares to Overweight. Both moves come ahead of tomorrow's Q4 report.
- Cirrus Logic (CRUS -3.3%) has been cut to Underperform by Pac Crest ahead of its Jan. 28 FQ3 report.
- Fortinet (FTNT +2.3%) has been upgraded to Outperform by Wedbush two days after Morgan Stanley upped shares to Overweight. Q4 results are due on Jan. 29.
- Xilinx (XLNX +2%) has been upgraded to Overweight by Barclays ahead of its Jan. 21 FQ3 report. Rivals Altera (ALTR +1.3%) and QuickLogic (QUIK +4.3%) are also trading higher.
- Telefonica Brasil (VIV +0.9%) has been upgraded to Overweight by HSBC.
- Synnex (SNX +3.3%) has been upgraded to Buy by Citi six days after posting an FQ4 beat.
- Teradyne (TER +2%) has been upgraded to Outperform by Pac Crest ahead of its Jan. 22 Q4 report. Goldman declared shares a Conviction Buy yesterday.
Mon, Jan. 13, 10:29 AM
- NII Holdings (NIHD +25.5%) has struck a deal with rival Telefonica to have wholesale voice and data access to Telefonica's Brazilian and Mexican 3G networks. NII shares are taking off, while those of Telefonica's Brazilian unit, Vivo (VIV -0.5%), are down slightly. (PR)
- The deal allows NII to significantly expand its Brazilian/Mexican 3G coverage. The carrier has been struggling to halt Mexican share losses, and blamed "more aggressive competition" in Mexico and Brazil for its Q3 ARPU drop.
Mon, Jan. 6, 11:07 AM
- Telefonica (TEF +0.2%) denies an Italian media report stating the carrier and Brazilian subsidiary Vivo (VIV -0.7%) are working with rivals America Movil (AMX +0.4%) and Oi (OIBR -1.7%) to acquire and break up Telecom Italia's (TI +0.1%) Brazilian unit, TIM Participacoes (TSU -1%). TIM and Oi are trading moderately lower today after flying higher on Friday in response to the report.
- Telefonica adds it hasn't talked with Brazil's antitrust regulator Cade about a deal. Reuters recently reported Cade has given Telefonica, which owns a large indirect stake in Telecom Italia, 18 months to lower its Brazilian market presence, either by cutting ties with TIM or finding a partner for Vivo.
- However, Cade reportedly prefers TIM to be sold in whole to a new market participant, rather than piecemeal to rivals. Telefonica, America Movil, and Oi would likely prefer that didn't happen, since it could spell competition from a major foreign carrier such as AT&T or Vodafone.
- Telefonica and others have been pressuring Telecom Italia to explore a sale of TIM, but the debt-laden Italian telco has been reluctant to cut its ties with a major growth market.
Dec. 18, 2013, 1:15 PM
- Reuters reports Brazilian antitrust regulator Cade has given Telefonica (TEF +0.6%) 18 months to lower its presence in the country, either by selling its indirect stake in TIM Participacoes (TSU -0.5%) or by finding a partner for local subsidiary/#1 Brazilian mobile carrier Vivo (VIV -2.5%).
- Telefonica has been pushing Telecom Italia (TI -0.3%) to sell TIM, and so has another minority investor, BlackRock. However, the Italian telco has been loathe to pull the trigger. Sources tell Reuters Telefonica wants to split up TIM's assets between Vivo and fellow Brazilian rivals America Movil (AMX -0.1%) and Oi (OIBR -1.9%).
- A banker talking with the news service thinks Cade's lengthy timetable will result in Telefonica taking its time to unload TIM. "If I had to bet on something, I would expect them to wait until the first half of 2015." Brazil's presidential election takes place in Oct. '14, and that could bring a change in the regulatory climate.
Nov. 14, 2013, 1:25 PM
- Though it recently struck a deal that increases its stake in holding company Telco (owns a 22.4% stake in Telecom Italia) and paves the way for it to assume full ownership in time, Telefonica (TEF -1.1%) chairman Cesar Alierta says his company won't exercise an option to fully take over Telco next year. Alierta expects Telco's other shareholders to keep part or all of their stakes until Feb. '15, when the company's current shareholder agreement expires.
- He also rules out a merger between Telefonica and Telecom Italia (TI -0.9%), or a merger between Telecom Italia's Brazilian unit (TSU +1.3%) and rival/Telefonica-controlled carrier Vivo (VIV +0.2%); Brazilian regulators probably wouldn't be pleased with the latter deal.
- Alierta's comments come shortly after TI announced a €1.3B convertible debt offering that apparently has Telefonica's blessing, and on a day when S&P cut TI's debt rating to junk.
Nov. 14, 2013, 9:42 AM
- Goldman Sachs downgrades Telefonica Brasil (VIV -0.6%) to Neutral from Hold and cuts its PT to $21 from $26 after the telco posted weaker-than-expected Q3 results.
- Analyst Vera Rossi expects the margin pressure seen in Q3 to "continue for the next few quarters, with higher expenses on moves to more value-added services in fixed and mobile businesses."
Sep. 25, 2013, 1:25 PM
- At a parliamentary hearing in Rome, Telecom Italia (TI -4.8%) reiterated his opposition to a sale of the company's Brazilian and Argentine assets, at least over the near-term. Bernabe argued selling the units, responsible for 40% of TI's 2012 revenue, would hurt the carrier's international profile.
- TIM (TSU -4.8%), TI's Brazilian unit, is joining TI in selling off after rallying yesterday. A downgrade to Hold from Stifel could be contributing to the losses. Telecom Argentina (TEO +0.3%), in which TI owns an indirect 37% stake, is up slightly.
- Bernabe's remarks come a day after Telefonica (TEF +0.8%) announced a deal that could let it eventually take full control of holding company Telco and its 22.4% TI stake. Telefonica, whose Brazilian unit (VIV -2.9%) competes with TIM, is widely believed to be pushing TI to sell TIM to shore up its balance sheet and appease regulator Anatel (previous).
- Bloomberg reports Anatel would prefer TIM be sold in full rather than have its assets sold piecemeal. That could translate into a sale into a major foreign carrier such as Vodafone or AT&T, which in turn would spell tougher competition for Telefonica and fellow Brazilian carriers Oi (OIBR -9.6%), America Movil (AMX), and NII Holdings (NIHD +1.1%).
Sep. 8, 2011, 1:39 PMQuick take on GSMA data: Emerging market carriers such as CHL, CHU, CHA, AMX, and VIV will benefit from global wireless connection growth. Meanwhile, the low market share for CDMA demonstrates the growth opportunities remaining for Qualcomm (QCOM), as GSM users in emerging markets migrate to 3G CDMA networks. | Comment!
Jul. 28, 2010, 7:28 AMTelefonica (TEF) reaches an initial agreement to buy Portugal Telecom's (PT) stake in Vivo (VIV), but declines to provide a price for the deal, which must still be approved by the boards of both companies. Sources say Telefonica offered €7.5B ($9.8B), marking its third bid increase and a 32% jump from its initial offer. | Comment!
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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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