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Vivendi confirms Telecom Italia acquisition

The Vivendi office is seen in Paris on Wednesday, May 17, 2006.Vivendi has acquired 14.9% of Telecom Italia, replacing Telefónica as the Italian telcos’s largest shareholder.

Vivendi received 8.24% of the telco in exchange for 4.5% of the share capital of Telefonica Brasil, in accordance with the option given to it as part of the sale of GVT to Telefonica, which closed on May 28.

The group also acquired a 1.9% stake and an addi4tional 4.76% on June 22 for  a cash payment of €1 billion.

Vivendi said that its investment fitted with its global strategy and gained “a foothold in a country with which it shares the same Latin culture and roots”. It said that it expanded its presence in a market “with significant growth prospects and a very strong appetite for quality content.”