Machado, Meyer, Sendacz e Opice Advogados has helped Telefónica close the incorporation of mobile phone operator Vivo Participações into its fixed-line phone unit, Telesp, to create Brazil′s largest telecoms company.
The process, which closed on 3 October, was the final phase in Vivo′s corporate restructuring. The merger sees the formation of a new company, to be known as Telefônica Brasil, which is controlled by the Spanish telecoms company.
The corporate restructuring process has been ongoing since December last year. In March, Machado Meyer advised Telefónica on the acquisition of US$760 million in outstanding Vivo shares from minority shareholders after the Spanish group bought out Portugal Telecom from their Brazilian joint venture in 2010 – a move that saw the European Court of Justice step in after the Portuguese government tried to veto the deal.
For the latest transaction, the firm advised Telefónica on an extensive corporate restructuring process that resulted in the merger of Vivo Participações and Telesp.
Machado Meyer has advised Telefónica on M&A and corporate restructuring transactions in Brazil since the 1997 privatisation of Telebras.
Counsel to Telefónica
Machado, Meyer, Sendacz e Opice Advogados
Partner Adriana Pallis and associates Clarissa Figueiredo de Souza Freitas and Lucas Zamproni Martins Ferreira
(Latin Lawyer 06.10.2011)
(Notícia na Íntegra)