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Telefônica Brasil considering merger of subsidiary

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Telefônica Brasil considering merger of subsidiary

Telefônica Brasil SA will start studies on a potential merger of its wholly owned subsidiary, Telefônica Data SA.

The merger operation of Telefônica Data by Telefônica Brasil, if implemented, should not affect the company's shareholding structure, nor should it lead to a capital increase or the issuance of new shares, as the unit's equity is already reflected in Telefônica Brasil's equity, the company said in a Sept. 10 filing.

The studies on the possible merger are part of an ongoing process of simplification of Telefônica Brasil's corporate structure and the concentration of service provision in the company.

As soon as the studies are completed, they will be presented to the company's board of directors. If the board makes a decision concerning the execution of the transaction, a material fact will be disclosed containing the terms and conditions of the merger, as well as convening the company's extraordinary shareholders meeting to vote on the merger.