Telefonica is a step closer to completing its acquisition of Brazilian carrier Vivo, after concluding a tender to purchase outstanding shares in the operator.
The share purchase is one of the final steps in the break up of the joint venture with Portugal Telecom, and saw holding firm Telecomunicacoes Participacoes pay 1.27 billion Brazilian reais (€536 million) for 15.2 million un-owned shares, Fox Business reports.
Telefonica fought long and hard to purchase Portugal Telecom’s stake in the joint venture, as it seeks to firm up its position in the fast-growing Latin American market to stave off stagnation in its home market. It eventually secured a €7.5 billion deal in July.
The share tender is the final step in the closing of the acquisition, and will clear Telefonica to merge Vivo with its Brazilian fixed line operator Telesp.