Crédit des Alpes: Vivendi buys GVT of Brazil
Telecom group GVT of Brazil, listed at Bovespa, has been the object of a bidding competition between Vivendi and Telefonica. Geneva-based group Crédit des Alpes advised GVT’s majority shareholders’ allowing them to close the transaction and Vivendi to take it away from Telefonica (while also establishing a foothold in Latin America). Vivendi acquired in a first stage a 37.9% share in GVT equity, together with an irrevocable option to buy a further 19.6% at a price of 32 dollars per share, which valued GVT 4.2 billion dollars (a valuation considerably higher than Telefonica’s initial bid). Vivendi, with investments in the communication and entertainment industries controls, among the others, Activision Blizzard, Universal Music Group, SFR, Maroc Telecom Group, Canal+ Group. In 2008 Vivendi achieved revenues of €25.4 billion and adjusted net income of €2.7 billion. With operations in 77 countries it has about 43,000 employees. GVT is the Brazilian telecom company with the highest rate of growth which offers a variety of solutions in traditional as well as non-traditional telecommunications, internet-related services and pay TV. In fiscal year ended June 30 2009 GVT had sales of 800 million dollars and adjusted EBITDA of 300 million.