GVT in €341m expansion


Brazilian carrier GVT will invest 850 million reais (€341 million) next year to expand its operations throughout the country's wealthiest regions.
The expansion news comes as the carrier announced that Vivendi CEO Jean-Bernard Levy, has been appointed as its new chairman. Vivendi now owns over 80% of the carrier and controls four of the six seats on the board. It was Vivendi’s intention when acquiring the controlling stake in the carrier to quickly embark on a service expansion drive.
GVT CEO Amos Genish was elected vice chairman in a vote that took place late on Monday.
Under the new investment programme, GVT plans to launch services in five cities in Brazil's southeast region and in the northeast.
GVT’s current coverage spans 79 cities in Brazil's Midwest, southern and northern regions.
The carrier has also been granted permission to provide local and long- distance services in Rio de Janeiro, Sao Paulo and Belo Horizonte -- the largest metropolitan areas in Brazil.
Vivendi boosted its stake in GVT to 81.82% last week, ahead of the original schedule, for which the cut off date to exercise was February 17, 2010.