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Telefónica secures green light to acquire GVT from Vivendi

Telefonica buildingTelefónica has secured a green light from the Brazilian regulator CADE to acquire local telecom player GVT from Vivendi.

The move clears the way for Telefónica to begin integrating the Brazilian operator, following approval of the deal by market regulator Anatel last December.

As part of Telefónica’s deal with Vivendi, the latter will acquire an 8.3% stake in Telecom Italia in exchange for Vivendi’s 4.5% in Telefónica, acquired as a result of the integration of Telefónica Brasil and GVT.

The Spanish telco has named Amos Genish, the current CEO of GVT as president and CEO of Telefónica Brasil, effective on closing of the acquisition and subject to compliance with the agreements concuded with Vivendi.

Antonio Carlos Valente, current Chairman of Telefónica Brasil, will remain non-executive Chairman of the Board of Directors of Telefónica Brasil. Paulo César Teixeira, current CEO of Vivo, Telefónica’s existing Brazilian asset, is to leave Telefónica Group.