CORRECTED-UPDATE 2-Vivendi, Telefonica seal $9.3 bln Brazilian broadband deal
(Corrects to reflect that deal has not yet closed)
* Deal valued at 7.2 billion euros in cash and shares
* Vivendi accepts Telefonica's stake in Telecom Italia
* Sale expected to close by mid-2015
By Dominique Vidalon and Tracy Rucinski
PARIS/MADRID, Sept 19 (Reuters) - French media group Vivendi has finalised an agreement to sell its Brazilian broadband business GVT to Spain's Telefonica for cash and shares worth around 7.2 billion euros ($9.29 billion), the companies announced on Friday.
The deal is subject to regulatory approval in Brazil.
Telefonica plans to fold GVT into its Vivo-branded Brazilian mobile phone business to create the country's biggest telecom group, Telefonica Brasil.
Under the deal Vivendi will get not only a 7.4 percent stake in Telefonica Brasil and 4.66 billion euros in cash but has also opted to take off Telefonica's hands its remaining stake in Telecom Italia -- 8.3 percent of Telecom Italia's voting share capital, or 5.7 percent of its total share capital. Continuación...