Vivendi to book 4.2 billion euro pre-tax gain on GVT sale

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French media group Vivendi said on Friday it would book a 4.2 billion euro ($4.6 billion) pre-tax gain from the sale of Brazilian telecommunications company GVT, which would help it pay interim dividends.

The company said it had also received a 12 percent stake in Telefonica Brazil’s Vivo and would exchange 4.5 percent for 8.3 percent of Telecom Italia’s ordinary shares in the coming weeks.
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“The closing of the sale of GVT and of the 20 percent interest in Numericable-SFR enables the Vivendi management board, in accordance with its commitment, to authorize in principle the payment of two interim ordinary dividends, each in the amount of 1 euro per share, in respect of 2015,” Vivendi said in a statement.

Vivendi sold its 20 percent stake in Numericable-SFR to billionaire Patrick Drahi earlier this year, via his holding company Altice and Numericable-SFR itself.