Thursday, August 28, 2014

Vivendi to sell Brazil unit to Telefonica for $9.83 billion

Vivendi SA  VIVEF -0.30% , the French company behind Universal Music, said Thursday it would start exclusive talks to sell its Brazilian mobile phone unit GVT to Spain’s Telefonica SA for $9.83 billion.

The move will essentially complete Vivendi’s exit from the telecoms business and raise cash for it to invest in the media and content business, which it has identified as its future priorities. It had already sold its French mobile network operator, SFR, for $23 billion in April, and completed the sale of its Moroccan operations in May.

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