Telefonica Brasil SA on Thursday announced plans for a share offering in three weeks to help close the acquisition of broadband provider GVT from Vivendi SA by June, confirming information provided to Reuters on Wednesday.The Brazilian unit of Spain's Telefonica SA said in a filing it would issue more than 113 million common shares and nearly 220 million preferred shares - worth around $5 billion based on Wednesday's closing price.Considering potential market discounts for the capital increase, the deal is likely to raise around $4 billion, one of two sources with direct knowledge of the plans told Reuters.Telefonica Brasil said it would price the offering on April 16, as both sources had said. Telefonica, the parent company, is likely to subscribe to $2.8 billion of its subsidiary's share offering, with the rest placed with investors, according to the sources.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF fell by 1.22% or $-0.18/share to $14.54. In the past year, the shares have traded as low as $13.27 and as high as $17.51. On average, 1379470 shares of TEF exchange hands on a given day and today's volume is recorded at 468269.
Telefonica Brasil SA, formerly Telecomunicacoes de Sao Paulo SA - Telesp, is a Brazil-based company engaged in the telecommunications sector. Shares of VIV fell by 1.91% or $-0.3/share to $15.44. In the past year, the shares have traded as low as $15.24 and as high as $22.50. On average, 1690860 shares of VIV exchange hands on a given day and today's volume is recorded at 590745.