Vivendi has made a return to the European telecoms market, taking a 8.24% stake in Telecom Italia, as part of a share swap with Telefonica Brasil.
Combined with separate purchases at a cost of £1 billion approximately, Vivendi has grown its stake to 14.9%, overtaking Telefonica as the company’s largest shareholder.
In a statement Vivendi said it intended to support Telecom Italia in the long term. “Vivendi’s capital investment in a major Italian company fits into the strategy developed by the Group, which gains a foothold in a country with which it shares the same Latin culture and roots.
“This investment represents an opportunity for the Group to be present and to expand in a market with significant growth prospects and a very strong appetite for quality content.”