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Telefonica wins right to exclusive talks to buy Brazil's GVT

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Telefonica wins right to exclusive talks to buy Brazil's GVT

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Telecoms companies are going nuts for Brazil, and especially for Vivendi’s GVT broadband operation, which the French parent has decided to sell.

Spain’s Telefonica and Telecom Italia both bid for GVT, with Telefonica offering the better price, although both bids include stakes in Telecom Italia as payment.

Vivendi has decided to accept the Telefonica offer, and will now enter into exclusive negotiations for a period of no more than three months to thrash out the details.

It appears Vivendi, which did not put GVT on the market, is bailing from the telecoms market it once coveted with extensive French and Moroccan networks, to concentrate on its media activities.