Vivendi to Sell 11% Fnac Darty Stake for EUR267 Million
03 July 2018 - 2:51AM
Dow Jones News
By Sarah Sloat
Vivendi SA (VIV.FR) said on Monday it would use its option to
sell an 11% stake in Fnac Darty (FNAC.FR) for 267 million euros
($312 million), but would continue to pursue partnerships with the
French retailer.
The media group said the payment compares with an initial
investment in Fnac Darty of EUR159 million in 2016. It had entered
a hedging transaction for the stake with Societe Generale SA
(GLE.FR) in January, which will settle July 10.
The companies will continue to cooperate and Stephane Roussel
and Simon Gillham, members of the Vivendi's management board, will
remain on Fnac Darty's board of directors, Vivendi said.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
July 02, 2018 12:36 ET (16:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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