Media giant Vivendi SA (VIVEF, VIV.FR) said Sunday it agreed to buy the 44% stake in French mobile phone operator SFR that belongs to U.K. mobile phone company Vodafone Group PLC (VOD, VOD.LN) for EUR7.95 billion.

SFR and Vodafone will extend their commercial co-operation for a further three years, Vivendi said Sunday in statement.

"We are very pleased to reach our strategic objective to own 100% of SFR, which will help Vivendi to focus further on profitable growth and innovation," Vivendi's Chief Executive Jean-Bernard Levy said in the statement.

Vivendi values the stake in SFR at EUR7.75 billion and will pay an additional EUR200 million reflecting the generation of cash between Jan. 1 and July 1, 2011.

The agreement is subject to the approval of local regulators.

-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com