Telefonica’s Brazilian fixed-line telecom unit, Telesp, will acquire mobile carrier, Vivo, for an undisclosed sum, Reuters reports. Minority shareholders will receive 1.55 shares of Telesp for each class of stock of Vivo. After the share swap, Telefonica will own 91.8% of Telesp’s ordinary shares with voting rights and 64.6% of Telesp’s preferred shares, adds Bloomberg. In July 2010, Madrid-based Telefonica decided to acquire Portugal Telecom’s holding in Vivo for $10.53 billion.
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