The Spanish telco Telefonica has acquired more than 10.63 million shares in the Brazilian mobile operator Vivo from minority shareholders.
Telefonica is the majority shareholder in Vivo after it bought out the stake held by Portugal Telecom for E7.5bn…
The Spanish telco Telefonica has acquired more than 10.63 million shares in the Brazilian mobile operator Vivo from minority shareholders.
Telefonica is the majority shareholder in Vivo after it bought out the stake held by Portugal Telecom for E7.5bn in 2010. Vivo was initially a JV between PT and Telefonica.
A public tender offer for shares in Vivo was made in February by SP Telecomunicacoes Participacoes, a company indirectly owned by Telefonica. The offer was arranged by Credit Suisse.
The offer was for over 15 million shares in Vivo. But when the tender offer closed on Friday, the actual amount bought was far lower at 10.63 million.
In a statement on Friday, Vivo said that the offer price for each common share in the company had been R$118.97 (US$ 71.45). Given this price, it would have cost SP almost R$1.27bn (US$764m) to buy the 10.63 million shares.
Telefonica did not reply to questions on its future strategy.
It is reportedly planning to integrate Vivo into its Brazilian fixed-line operator Telesp.
Vivo also did not reply to questions before the press deadline.
