Vivendi sold its remaining stake in game publisher Activision Blizzard, in which it once had a controlling stake, ending one round of the company’s efforts in this market.

It sold its 5.7 per cent stake to an unnamed financial institution, for net proceeds of $1.1 billion.

“The decision to implement these transactions was taken in view of the evolution of the Activision Blizzard stock price,” Vivendi said in a statement.

While Vivendi has been selling its Activision holding, last year it began making investments in game publishers UbiSoft and Gameloft, and plans to continue to up its stake in both.

In November last year, Activision bought King Digital Entertainment, the maker of Candy Crush, for $5.9 billion, which the former said was “one of the largest global entertainment networks with over half a billion combined monthly active users in 196 countries”.