GVT to invest US$6.37bn over next 5 years - report

- Thursday, July 14, 2011

GVT to invest US$6.37bn over next 5 years - report

Brazilian phone company and internet service provider GVT plans to invest 10bn reais (US$6.37bn) in expansion over the next five years, local daily Valor Econômico reported Thursday.

"We plan to expand rapidly," GVT CEO Amos Genish told Valor.

The company plans to expand not only in the telecommunications segment, but also to debut in the pay-TV market and in the distribution of multimedia content from French media conglomerate Vivendi, which is a shareholder in Universal Music Group - the world's largest music company.

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GVT, which was acquired in late 2009 by Vivendi, plans to spread its operations to 80 new cities by 2015, bringing to 180 the number of municipalities in which it provides services, and boost its client base to more than 9mn, from the current 4.2mn, the newspaper said.

In 2011, GVT estimates overall revenues will reach 3.4bn reais - 42% higher than in 2010.