Courtesy of Benzinga.
Vivendi (OTC: VIVHY) announces that it now owns 19.9% of Telecom Italia’s (NYSE: TI) ordinary shares.
The Group became the Italian telecoms operator’s largest shareholder on June 24, 2015 with 14.9% of its ordinary shares. This participation results from a share exchange as part of its exit from the Brazilian telecoms operator GVT for the equivalent of 8.24% of Telecom Italia’s ordinary shares, and from the purchase of shares on the market for 6.66%.
Vivendi has acquired an additional stake through an acquisition of shares on the market and now owns 19.9% of Telecom Italia’s ordinary shares.
The total acquisition price in the consolidated accounts is 3.054 billion euros, i.e. around 1.14 euro per ordinary share.(1)
This new investment confirms Vivendi’s intention to support the telecoms group over the long term and to develop its activities in southern Europe.
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