Telefonica sells Telecom Italia stake to Vivendi, makes 380 mln euro gain
MADRID, June 24 (Reuters) - Spain's Telefonica said on Wednesday it had completed the transfer of shares of Telecom Italia to Vivendi in payment for the French company's Brazilian broadband business known as GVT.
Telefonica said it would make a capital gain after the divestment of all of its shares in Telecom Italia of 380 million euros ($425.94 million), which it would book in the first half.
Telefonica plans to fold GVT into its Vivo-branded Brazilian mobile phone business to create the country's biggest telecom group, Telefonica Brasil. ($1 = 0.8921 euros) (Reporting By Elisabeth O'Leary. Editing by Jane Merriman)
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