VIVHY Vivendi SE (PK)

By Ruth Bender

PARIS--Vivendi SA (VIV.FR) on Friday said it has completed the sale of its Brazilian telecom unit GVT to Telefónica SA (TEF), a move that will add another cash pile to its already large money reserve and make the French group a significant shareholder in Italian telecom company Telecom Italia SpA (TI).

Vivendi will in coming weeks own 8.3% of Telecom Italia's capital, which was part of the deal as agreed with Telefonica last September.

Vivendi said it will receive 4.2 billion euros ($4.6 billion) in cash, before tax, and get a 12% stake in Vivo, Telefónica's Brazilian unit merged with GVT. Vivendi said it will swap 4.5% of this stake for Telefónica's stake in Telecom Italia, which will give it the 8.3% interest in the Italian company.

-Write to Ruth Bender at ruth.bender@wsj.com

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