Telecel Vodafone and Vizzavi Europe have come to a Memorandum of Understanding regarding a joint venture to acquire 80% the business of TelecelOnline, Telecel Vodafone’s wholly owned subsidiary operating in the Internet business. The consideration for the transaction shall be in the region of 40 million euros.
Vizzavi Europe is a joint venture, held equally by Vodafone, the world’s largest mobile communications company and Vivendi Universal, a leading media and content company.
This agreement aims to create a leading portal in Portugal, offering national and international content as well as communication and entertainment services. The service already operates in the UK, Germany, France, Greece, the Netherlands, Italy and, later on this year, in Spain also. Whilst a common platform will be used by all Vizzavi companies, content will be adapted to local needs and circumstances.
Vizzavi intends to be the leading multi-access portal in Europe, particularly in mobile access and services, backed up by the considerable experience and know-how of its main shareholders in the content and mobile technology areas. The service can be accessed via a PC, mobile phone, and, in the future, via PDA and interactive TV.
Following this agreement, TelecelOnline’s Netc portal (www.netc.pt) will adopt the Vizzavi brand and will present a similar look to what is expected to be the final version of the Vizzavi Portugal portal.