Vivendi this week consolidated its position as Telecom Italia’s largest shareholder, raising its stake in the Italian incumbent to 19.9%.
The French media company released a statement on Tuesday confirming that it has acquired Telecom Italia shares on the market. It previously held a 15.5% stake, having picked up a small number of shares last month.
The total purchase price for its stake comes in at €3.05 billion, Vivendi said, or around €1.14 per ordinary share.
Vivendi became Telecom Italia’s biggest shareholder in June, with a 14.9% stake, and noted that the Italian telco forms part of its long-term strategy, despite previous indications that it was looking to exit the telecoms market altogether. It r epeated that intention on Tuesday.
"This new investment confirms Vivendi’s intention to support the telecoms group over the long term and to develop its activities in southern Europe," it said.
Vivendi gained a position at Telecom Italia as a result of the sale of its Brazilian broadband business GVT to Telefonica. The Spanish firm was the largest shareholder in Telecom Italia, something that gave rise to a number of antitrust issues, particularly in Brazil, where the pair own competing mobile operations.
