Anatel on Thursday gave the go-ahead to the second phase of Telefonica’s acquisition of Brazilian broadband operator GVT – the transfer of shares in Telecom Italia and Telefonica Brasil to Vivendi.
The Brazilian regulator noted that under the transfer Telefonica will hand over 8.3% of Telecom Italia’s voting shares to the French firm, leaving it with a 6.47% stake. It will also transfer an 11.3% non-voting stake in its Brazilian unit, Telefonica Brasil.
Telefonica agreed to acquire GVT from Vivendi for €4.66 billion in cash plus an exchange of shares in September.
Anatel gave its approval to the first phase of the deal in December.
It approved Telefonica’s acquisition of GVT but attached certain conditions to safeguard competition, including a requirement for the companies to cede some of their fixed telephony licences in regions where their services overlap.
At the time the regulator said it would address the issue of the transfer of Telecom Italia’s shares separately, since that part of the deal effectively changes the ownership structure of the Italian operator’s Brazilian mobile unit, TIM.
On Thursday it ruled that the move does not impede the ongoing operations of either TIM Brasil or sister company Intelig.
