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Vivendi/Canal+ Group Acquires 10 Percent of Canal+ France Owned by TF1

Posted on: Sun, 29 Nov 2009 23:09:00 EST

Symbols: VIVDY, CNPLY

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Nov 30, 2009 (Close-Up Media via COMTEX) --
VIVDY | Quote | Chart | News | PowerRating -- Vivendi/Canal+ Group and TF1 announced they have signed a definitive agreement relating to the sale of the 9.9 percent of the capital of Canal+ France owned by TF1.

This agreement, the value of which is EUR744 million, should be completed at the latest on December 31.

On that date, Canal+ Group will increase its stake in Canal+ France from 65 percent to 75 percent. The impact of this transaction, which was originally planned for the first quarter of 2010, has already been taken into account, for an identical amount, in Vivendi's debt in respect of TF1's put option held by TF1 since January 2007 in the context of the acquisition of TPS by Vivendi/Canal+Group.

An identical offer has been made to M6 for its stake of 5.1 percent of Canal+ France.

Vivendi combines Activision Blizzard, a developer of video games, Universal Music Group, a provider of music and entertainment, SFR, a French mobile and fixed-line telephone operator, the Maroc Telecom Group, a Moroccan mobile and fixed-line telephone operator and the Canal+ Group, a French pay-TV company. It also owns a 20 percent stake in NBCU, an American TV and film company.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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