By Sarah Sloat

Vivendi SA (VIV.FR) said on Monday it would use its option to sell an 11% stake in Fnac Darty (FNAC.FR) for 267 million euros ($312 million), but would continue to pursue partnerships with the French retailer.

The media group said the payment compares with an initial investment in Fnac Darty of EUR159 million in 2016. It had entered a hedging transaction for the stake with Societe Generale SA (GLE.FR) in January, which will settle July 10.

The companies will continue to cooperate and Stephane Roussel and Simon Gillham, members of the Vivendi's management board, will remain on Fnac Darty's board of directors, Vivendi said.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

July 02, 2018 12:36 ET (16:36 GMT)

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