Telefonica Brasil raised BRL16 billion ($5.3 billion) in a public offering that will push forward its ambitious plans for the country.
The operator is raising finance to fund the acquisition of Brazilian broadband provider GVT from Vivendi, a deal agreed in autumn last year.
Telefonica’s Vivo is the country’s largest mobile operator and combining it with GVT would create the dominant force in Brazil’s telecoms market.
According to GSMA Intelligence, Vivo had 77 million mobile connections at the end of Q1 2015, ahead of rivals including TIM (75 million), America Movil’s Claro (68 million) and Oi (50 million).
The offering was originally scheduled for mid-April but was pushed back by nearly two weeks following a review by CVM, Brazil’s securities exchange commission. And then it was pushed back again to this week.
Telefonica Brasil hopes the combination of Vivo and GVT will enable it to develop appealing quadplay packages.