Vivendi suspends sale of Brazil Unit GVT


by CBR Staff Writer| 15 March 2013

French media and telecoms giant Vivendi has decided to retract bidding of its Brazilian telecommunications operator GVT.

The company had been seeking about €7bn in an all-cash deal for the business, but received bids lower than it had hoped for.

Vivendi spokesman Simon Gillham was cited by the Wall Street Journal saying the company has decided not to sell for "silly prices".

"We're absolutely convinced we have a great asset, we're very happy to continue developing it within the Vivendi family," Gillham said.

Vivendi's move comes as satellite-TV operator DirecTV, which had been one of the prime bidders, decided to walk away from bidding.

The other bidder for GVT was a consortium of private equity firms led by KKR that offered a lower price compared to DirecTV.
GVT had been put under the hammer in summer 2012 as Vivendi reassessed its business portfolio in mobile telephony, video games and music.

Vivendi is also reported to be seeking a purchaser for its controlling stake in Maroc Telecom.

Post a comment

Comments may be moderated for spam, obscenities or defamation.
Privcy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.