Vivendi Sells Remaining Stake In Telefonica Brasil For $877 Mln

(RTTNews) - French conglomerate Vivendi (VIVEF.PK) announced Thursday that it sold 67.9 million preferred shares of Telefonica Brasil, representing 4.0 percent of its share capital, for approximately $877 million. The transaction was carried out after first converting the preferred shares into American Depositary Receipts.

Following the transaction and upon the completion of the previously announced exchange of 3.5 percent of Telefonica Brasil preferred shares for 0.95 percent of Telefonica ordinary shares, Vivendi will have completed its disposal of Telefonica Brasil.

On Wednesday, Vivendi announced that it entered an agreement with Telefonica to exchange 58.4 million of its Telefonica Brasil preferred shares for 46.0 million ordinary shares of Telefonica, representing 0.95 percent of the Spanish telecoms operator's share capital.