Telefónica issues shares worth US$5.5 billion to fund GVT acquisition

The New York and São Paulo offices of Davis Polk & Wardwell LLP and Machado, Meyer, Sendacz e Opice Advogados in São Paulo have helped Spanish telecoms company Telefónica issue preferred shares worth US$5.5 billion to fund its acquisition of Brazilian broadband provider GVT from France’s Vivendi.

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