Telefonica sells stake in Telecom Italia

25th Jun 2015 08:45

Telecoms giant Telefonica has completed the sale of its stake in Italian sector peer Telecom Italia to Vivendi SA.In a statement released on Thursday, the company said its subsidiary Telco TE had divested 1.1bn ordinary shares of Telecom Italia, which represent 8.2% of the group's issued share capital.In exchange, the group received from Vivendi all the ordinary shares and part of the preferred shares of Telefónica Brasil S.A, which represent the 4.5% of the Brazilian group's total share capital.Meanwhile, Telefonica has also entered an agreement with an unnamed financing institution for the sale of 872m shares of Telecom Italia, which represent 6.5% of the group's issued capital, for approximately €1.02bn.Telefonica shares were up 0.34% to €13.48 at 09:12 on Thursday.