Telefonica Brasil says to offer shares after GVT approval
RIO DE JANEIRO, March 20 (Reuters) - Telefonica Brasil said on Friday it would hold a public share offering after it receives regulatory approval to buy the local broadband unit of Vivendi SA known as GVT.
The share offering would help finance the deal, Telefonica said in a securities filing.
Telefonica reached a deal with Vivendi in September to pay 7.2 billion euros ($7.79 billion) for Brazilian broadband unit GVT. Regulators said the takeover would lead to elevated market concentration in parts of the state of Sao Paulo, but a preliminary technical report found minimal risk of higher prices.
Telefonica is waiting for the GVT deal to clear before it moves ahead on a possible joint offer with Oi SA and America Movil SAB to buy and split up rival wireless carrier TIM Participações SA . ($1 = 0.9242 euros) (Reporting by Juliana Schincariol; Editing by Lisa Shumaker)
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