Vivendi To Pay EUR7.95 Billion For Vodafone's 44% Stake In SFR
April 03 2011 - 5:08PM
Dow Jones News
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