Vivendi SE (VIVEF.PK), a French entertainment, media, and communication company, Tuesday announced that it has closed its transaction with French travel, publishing firm Lagardere SCA (LGDDF.PK).
Vivendi currently holds around 60 percent of Lagardere’s share capital and can now fully exercise slightly over 50 percent of its voting rights.
The transaction took effect following the closing of the two sales Vivendi had committed to with the European Commission. These include the sale of Editis to International Media Invest or IMI, which occurred on November 14, 2023, and the sale of the Gala magazine, which was owned by Prisma Media, to Groupe Figaro.
According to the company, the operation strengthens its position as a major player in the fields of culture, media and entertainment, as well as in publishing, travel retail and experiences.
Vivendi on December 16, 2021 announced its intention to file in February 2022 a cash tender offer for the Lagardere shares.
With the deal closure, Vivendi becomes significantly larger, with 2022 pro forma combined revenues of more than 16.5 billion euros. The combined workforce of all the Group’s companies totals around 66,000 employees.
Yannick Bolloré, Chairman of Vivendi’s Supervisory Board, and Arnaud de Puyfontaine, Chief Executive Officer, said: “As we do for all our businesses, while preserving its integrity, we will support Lagardère in its development and the transformation of its businesses. Together, we will strengthen our international presence in the fields of creation, content and distribution.”
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