PARIS--(BUSINESS WIRE)--Regulatory News:
Vivendi (Paris:VIV) will make use of its option to exit from Fnac Darty’s share capital while continuing to develop partnerships with the entertainment and leisure products, consumer electronics and household appliances retailer.
Vivendi opted today to settle in shares the hedging transaction entered into in January 2018 regarding its 11% interest in Fnac Darty. The settlement will take place on July 10, 2018. On July 12, 2018, Vivendi will receive a cash payment of €267 million corresponding to the hedge price of €91 per share, after making an initial investment of €159 million, corresponding to €54 per share, in May 2016.
Operational synergies tested over the past two years, including the creation of a “Canal corner”, will be pursued and reinforced through co-operation between the two companies.
Stéphane Roussel and Simon Gillham, members of the Vivendi Management Board, have agreed to remain members of Fnac Darty’s Board of Directors.
“The work performed and the creativity shown by both teams demonstrate the range of possible co-operation between a company focused on content creation and entertainment and a European leader in the retail of cultural goods,” explained the two Vivendi executives. “We are very pleased to have been invited to remain on the Fnac Darty Board. We will continue our co-operation with the same enthusiasm.”
“Fnac Darty wishes to thank Vivendi for its involvement with the company at a key moment in its history,” said Jacques Veyrat, Chairman of the Board of Directors of Fnac Darty, adding that: “the two groups will continue to work together with pleasure”.
Since 2014, Vivendi has been focused on building a world-class content, media and communications group with European roots. The clear and ambitious strategy that was set in motion three years ago has been successfully executed by the Management Board. First, in content creation, Vivendi owns powerful, complementary assets in music (Universal Music Group), mobile games (Gameloft) as well as movies and series (Canal+ Group), which are the three most popular forms of entertainment content in the world today. Second, in the distribution market, Vivendi has acquired the Dailymotion platform and repositioned it to create a new digital showcase for its content. The Group has also joined forces with several telecom operators and platforms to maximize the reach of its distribution networks. In 2017, a third building block – communications – was added to this structure, via Havas. Havas possesses unique creative expertise in promoting free content and producing short formats, which are increasingly viewed on mobile devices. In addition, through Vivendi Village, the Group explores new forms of business in live entertainment, franchises, ticketing and digital technology that are complementary to its core activities. Vivendi’s various businesses cohesively work together as an integrated industrial group to create greater value. www.vivendi.com, www.cultureswithvivendi.com