Telefonica Offers $9 Billion for Vivendi Brazil Unit GVT

Telefonica offered to buy Vivendi’s Brazilian Internet-provider unit GVT for 6.7 billion euros ($9 billion) to expand in a fast-growing broadband market and address antitrust concerns in the country.

Vivendi would get 11.96 billion reais ($5.3 billion) in cash and shares in Telefonica’s Brazil unit. Vivendi would also get a right to buy a stake of about 8 percent in Telecom Italia from Telefonica.