Telefonica's acquisition of GVT approved by Brazilian regulator

Brazil's telecommunications regulator Anatel gave the green light to Telefonica's offer to acquire GVT.

As part of the regulator's conditions on the operation, Telefonica's Brazilian arm will have to maintain current 18-month contracts with GVT's customers.

Furthermore, the Spanish telecom giant will not be able to provide fixed line service in some areas where its current Vivo brand and GVT are present.

The transaction was originally announced on 19 September and included a cash consideration of €4.66bn as well as a payment in shares representing 12.0% of the share capital of Telefónica Brasil, after its integration with GVT.