Tags: Vivendi | sell | Activision | Stake

Vivendi to Sell Half of Activision Stake for $866 Million

Wednesday, 21 May 2014 07:33 PM

Vivendi SA, once the controlling shareholder in video-game maker Activision Blizzard Inc., plans to sell about half of its remaining stake in an offering valued at $866 million based on Wednesday’s close.

The sale of 41.5 million shares, being made under an existing agreement, is expected to be completed by May 28, Santa Monica, California-based Activision said Wednesday in a statement.

The sale frees up cash for Vivendi, which has been restructuring and sold most of its Activision stake last year in a deal led by Bobby Kotick, chief executive officer of the leading U.S. video-game publisher. Vivendi has almost 83 million shares, or about 12 percent, of Activision, the maker of Call of Duty and World of Warcraft, according to Bloomberg data.

Vivendi is barred from selling additional shares until 2015 in accordance with terms of last year’s agreement, according to a filing.

Activision fell as much as 2.8 percent to $20.28 in extended trading, after the statement was released. The stock rose 0.2 percent to $20.87 at the close in New York and has gained 17 percent this year.

Paris-based Vivendi, the owner of Universal Music, gained 0.8 percent to 18.98 euros and is little changed for the year.

Barclays Plc and Credit Suisse Group AG are acting as joint managers and underwriters for the offering which is expected to close on May 28.

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Vivendi SA, once the controlling shareholder in video-game maker Activision Blizzard Inc., plans to sell about half of its remaining stake in an offering valued at $866 million based on Wednesday's close.
Vivendi, sell, Activision, Stake
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2014-33-21
Wednesday, 21 May 2014 07:33 PM
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