GVT Readies BRL800m Secondary Equity

Brazilian fixed-line telephone operator GVT plans to sell 24m shares in a secondary offer. The trade would raise BRL800m based on Wednesday’s BRL33.40 closing price. Controlling shareholders GVT and Swarth Investments, which together hold 30% of the company, will offer stock on a date yet to be determined. Credit Suisse and Goldman Sachs are managing the sale, and have the option to add a 3.15m share greenshoe. GVT raised BRL1.08bn in a February 2007 IPO, and followed up with BRL428m through follow-ons in October 2007 and February 2008.