NEW YORK (TheStreet) -- Vivendi (VIVHY) , the French media group, said it would enter into exclusive talks with Telefonica (TEF) over the sale of its Brazilian broadband unit GVT, choosing the Spanish group over a rival bid from Telecom Italia (TI) , Reuters reports.
Telefonica bid more than Telecom Italia for GVT to ensure that it won the broadband and pay-TV provider, which it will fold into Brazil's leading mobile carrier Vivo, Reuters said.
Shares of Vivendi are down -0.56% to $26.48 in early morning trade.
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