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Vivendi has received 1.11 billion ordinary shares (or 8.24 per cent) of Telecom Italia in exchange for 4.5 per cent 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 28th 2015.
Separately, the Group increased its ordinary shares in Telecom Italia from 1.90 per cent recently purchased, with an additional stake of 4.76 per cent purchased on June 22, up to 6.66 per cent, representing a global cash payment of approximately €1 billion.
Vivendi now owns 14.9 per cent of Telecom Italia’s ordinary shares and has thus replaced Telefonica as the company’s largest shareholder. Vivendi says the 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.