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The transaction is the second step in the completion of Telefônica's acquisition of Vivendi's Brazilian fixed carrier GVT.
Anatel's decision was announced in Brazil's federal gazette on Monday. The confirmation comes just a few weeks after Telefônica secured the green light for the transaction from antitrust body Cade.
The swap refers to the exchange of shares in Telefônica for shares in Telecom Italia. Under the deal, Telefônica will reduce its stake in the voting capital of Telecom Italia to some 6.5%, while Vivendi will hold 12% of the preferred shares of Telefônica and 8.3% of the voting shares of Telecom Italia.
As a result, Vivendi will become the largest individual shareholder in Telecom Italia.
Telefônica's divestment from Telecom Italia was a condition of Anatel's and Cade's approval of its acquisition of GVT.
Telefônica Brasil is expected to file for a public offering to finance the acquisition. According to the latest report from Telefônica, the offering will take place toward the end of the month.