Vivendi Becomes Telecom Italia’s Largest Shareholder, Replacing Telefonica
June 24 2015 - 3:19PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) today received 1.11 billion ordinary shares
(or 8.24%) of Telecom Italia, the leading fixed and mobile
telecommunications operator in Italy, 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, 2015.
Separately, the Group increased its ordinary shares in Telecom
Italia from 1.90% recently purchased, with an additional stake of
4.76% purchased on June 22, up to 6.66%1, representing a global
cash payment of approximately €1 billion.
Vivendi now owns 14.9% of Telecom Italia’s ordinary shares and
has thus replaced Telefonica as the company’s largest
shareholder.
Vivendi’s capital investment in a major Italian company fits
into the strategy developed by the Group, which gains a foothold in
a country with which it shares the same Latin culture and
roots.
This investment represents an opportunity for the Group to be
present and to expand in a market with significant growth prospects
and a very strong appetite for quality content.
Vivendi intends to support Telecom Italia over the long
term.
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
The main subsidiaries of Vivendi comprise Canal+ Group and
Universal Music Group. Canal+ is the leading pay-TV operator in
France, and also serves markets in Africa, Poland and Vietnam.
Canal+ operations include Studiocanal, a leading European player in
production, sales and distribution of film and TV series. Universal
Music Group is the world leader in recorded music, music publishing
and merchandising, with more than 50 labels covering all genres. A
separate division, Vivendi Village, brings together Vivendi
Ticketing (ticketing in the UK and France), MyBestPro (experts
counseling), Watchever (subscription video-on-demand) and the
Paris-based concert venue L’Olympia. www.vivendi.com,
www.cultureswithvivendi.com, www.themediashaker.com
__________________________1 5.6% of the ordinary shares are the
subject of a hedge consisting of a put option granted by Vivendi
and a call option sold by Vivendi. These options, having a maximum
duration of three years, will be settled, in Vivendi’s discretion,
either in shares or in cash.
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