Vivendi Exits from Fnac Darty’s Share Capital While Continuing to Develop Partnerships
02 Juillet 2018 - 6:25PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) will make use of its option to exit from
Fnac Darty’s share capital while continuing to develop partnerships
with the entertainment and leisure products, consumer electronics
and household appliances retailer.
Vivendi opted today to settle in shares the hedging transaction
entered into in January 2018 regarding its 11% interest in Fnac
Darty. The settlement will take place on July 10, 2018. On July 12,
2018, Vivendi will receive a cash payment of €267 million
corresponding to the hedge price of €91 per share, after making an
initial investment of €159 million, corresponding to €54 per share,
in May 2016.
Operational synergies tested over the past two years, including
the creation of a “Canal corner”, will be pursued and reinforced
through co-operation between the two companies.
Stéphane Roussel and Simon Gillham, members of the Vivendi
Management Board, have agreed to remain members of Fnac Darty’s
Board of Directors.
“The work performed and the creativity shown by both teams
demonstrate the range of possible co-operation between a company
focused on content creation and entertainment and a European leader
in the retail of cultural goods,” explained the two Vivendi
executives. “We are very pleased to have been invited to remain on
the Fnac Darty Board. We will continue our co-operation with the
same enthusiasm.”
“Fnac Darty wishes to thank Vivendi for its involvement with the
company at a key moment in its history,” said Jacques Veyrat,
Chairman of the Board of Directors of Fnac Darty, adding that: “the
two groups will continue to work together with pleasure”.
About Vivendi
Since 2014, Vivendi has been focused on building a world-class
content, media and communications group with European roots. The
clear and ambitious strategy that was set in motion three years ago
has been successfully executed by the Management Board. First, in
content creation, Vivendi owns powerful, complementary assets in
music (Universal Music Group), mobile games (Gameloft) as well as
movies and series (Canal+ Group), which are the three most popular
forms of entertainment content in the world today. Second, in the
distribution market, Vivendi has acquired the Dailymotion platform
and repositioned it to create a new digital showcase for its
content. The Group has also joined forces with several telecom
operators and platforms to maximize the reach of its distribution
networks. In 2017, a third building block – communications – was
added to this structure, via Havas. Havas possesses unique creative
expertise in promoting free content and producing short formats,
which are increasingly viewed on mobile devices. In addition,
through Vivendi Village, the Group explores new forms of business
in live entertainment, franchises, ticketing and digital technology
that are complementary to its core activities. Vivendi’s various
businesses cohesively work together as an integrated industrial
group to create greater value. www.vivendi.com,
www.cultureswithvivendi.com
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