In a deal described as a “ blessing” to Portugal’s government, Spain’s Telefonica won its battle for a bigger share of the burgeoning Brazilian mobile video market.
The operator raised its offer for Portugal Telecom’s (News - Alert) stake mobile operator Vivo to 7.5 billion euros, or $9.7 billion, Reuters reported.
The takeover has been a long time coming, and gives the telecoms group 69.2 million clients, Telefonica said.
According to Reuters (News - Alert), investors said the Vivo deal offered clear growth prospects and ended the uncertainty that has dogged Telefonica shares since the last chapter of the takeover battle began two months ago.
According to Reuters, Telefonica (News - Alert) shares were up around 0.5 percent to almost 17 euros at 1311 GMT (9:11 a.m. ET) versus a flat European telecoms index (.SXKP). PT shares, which had been suspended pending the company’s statement rose 4.58 percent to 8.68 euros at 1311 GMT.
Marisa Torrieri is a TMCnet Web editor, covering IP hardware and mobility, including IP phones, smartphones, fixed-mobile convergence and satellite technology. She also compiles and regularly contributes to TMCnet's gadgets and satellite e-Newsletters. To read more of Marisa's articles, please visit her columnist page.Edited by Marisa Torrieri
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