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Vivendi Signs Definitive Deal To Sell SFR Unit To Altice/Numericable(dpa-AFX International Compact Via Acquire Media NewsEdge) PARIS (dpa-AFX) - French media and telecom giant Vivendi SA (VIV.L, VIVEF.PK) announced Friday that it has signed definitive agreement to sell its SFR unit to Altice/Numericable following constructive discussions with the Employee Works Councils. Vivendi said that the closing of the deal is subject to certain conditions, in particular obtaining approval from the relevant administrative authorities. The Vivendi board has chosen to receive 13.5 billion euros, excluding adjustments, at closing of the transaction, with a possibility to sell its 20 percent stake at a later stage. The company said it will also receive an earn-out of 750 million euros depending on the future financial performance of the new group (EBITDA- Capex at least equal to 2 billion euros during one fiscal year) The Vivendi Supervisory Board unanimously selected the Altice-Numericable offer for SFR on April 5, rejecting a sweetened offer from conglomerate Bouygues SA (BOUYY.PK). Bouygues' offer valued SFR at 16 billion euros before synergies or at 16.5 billion euros with 5 billion euros of synergies secured by savings resulting from disposal of mobile network to Iliad SA's Free. Bouygues also offered Vivendi an earn-out clause of 500 million euros that could lift the total value of SFR to 16.5 billion euros pre-synergies. Copyright RTT News/dpa-AFX |