August 28, 2014 / 6:10 AM / 3 years ago

Vivendi receives GVT bids from Telecom Italia, Telefonica

PARIS, Aug 28 (Reuters) - Vivendi said it received bids for its GVT Brazilian broadband unit from Telecom Italia and Telefonica, and that its supervisory board would examine the offers at a meeting on Thursday.

The Telecom Italia offer represents a total enterprise value of 7 billion euros ($9.24 billion) and includes 1.7 billion euros of cash, a 16 percent stake in Telecom Italia, and 15 percent of TIM Brasil, Vivendi said in a statement. It expires on Sept. 10.

The Telefonica offer represents a total enterprise value of 7.45 billion euros. It includes 4.663 billion euros in cash, a 12 percent stake in Telefonica Brasil, of which about a third can be exchanged for 5.7 percent of the share capital of Telecom Italia, Vivendi added. This offer expires on Aug. 29.

The two offers also include proposals for content partnerships, Vivendi added. (1 US dollar = 0.7573 euro) (Reporting by James Regan; Editing by Andrew Callus)

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