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Telefônica Brasil S.A. (B3:VIVT3; NYSE:VIV) announced Monday that its controlled entity, Telefônica Cloud e Tecnologia do Brasil S.A., has completed the incorporation of IPNet Serviços em Nuvem e Desenvolvimento de Sistemas Ltda., a wholly-owned subsidiary. The merger, finalized on Friday, results in the dissolution of IPNet, with Telefônica Cloud Brasil succeeding to all of IPNet’s assets, liabilities, rights, and obligations.
According to a statement released by the company, the transaction is part of a corporate and operational reorganization intended to simplify operational structures and reduce costs related to the activities of both IPNet and Telefônica Cloud Brasil. The incorporation was executed at the book value of IPNet’s net assets and did not alter the share capital of Telefônica Cloud Brasil or the equity interest held by Telefônica Brasil S.A. in Telefônica Cloud Brasil.
The company stated that the reorganization aims to promote administrative and economic benefits and leverage internal synergies.
This information is based on a press release statement and details disclosed in a filing with the U.S. Securities and Exchange Commission.
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