In line with an agreement signed in February, Vivendi closed the sale of its 20 per cent stake in French operator Numericable-SFR to Altice at a price of €40 per share.
Vivendi said it has received a cash payment of €1.8 billion from Numericable-SFR, “net of €116 million price adjustment related to the SFR level of debt at end November 2014” while a second payment by Altice of €1.9 billion with interest of 3.8 per cent per year will be received by April 7 next year.
Back in November, Vivendi completed the €17 billion sale of SFR to Altice and contributed €200 million to finance Numericable’s acquisition of Virgin Mobile France. As part of the same deal, Vivendi acquired the 20 percent stake in the merged Numericable-SFR.
Separately, Altice and Numericable said that half the stake, or 10 percent of Numericable-SFR shares, would be cancelled after the transaction. As a result, Altice will then own 70.4 percent of the share capital and voting rights of Numericable-SFR.