[November 15, 2009] Vivendi wins GVT with raised bid: Shaul Shani stands to make $1.26 billion on the sale. [Globes, Tel Aviv, Israel] Tweet (Globes (Tel Aviv) Via Acquire Media NewsEdge) Nov. 15--Shaul Shani has made his exit from Brazilian telecommunications provider GVT SA (Bovespa: GVTT3). France's Vivendi SA (Euronext: VIV) is acquiring 29.9 percent of the company from Shani's Swarth Group LLC and affiliates, plus an additional 8 percent from other shareholders for a total of €2.8 billion (NIS 18 billion). Vivendi has a right to acquire an additional 19.6 percent of the voting rights in the company, which if exercised will give it a 57.5 percent holding in GVT. Until Thursday, Spain's Telefonica SA (NYSE; IBEX:TEF; LSE:TDE) was leading the bidding war for GVT, with an offer of 50.50 Brazilian reals per share, more than Vivendi's offer of 42 reals. Vivendi upped its bid by 33 percent to 56 reals per share, 10.9 percent more than Telefonica's offer, and won the company. Shaul Shani stands to receive $1.26 billion (NIS 4.75 billion) for his stake. Swarth Group's other main holding is ECI Telecom Ltd., which was delisted from Nasdaq after the acquisition. GVT was founded in 1999 as part of the privatization of Brazil's telecommunications industry. Its CEO is Amos Gavish, and Shani is chairman. Shani helped GVT grow more rapidly than its competitors by focusing on private customers and businesses prepared to pay for very high speed Internet access. To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]