Tags: Vivendi | France | Altice | SFR

Vivendi to Sell French Mobile Operator SFR

Sunday, 06 Apr 2014 12:24 PM

Vivendi said Saturday it will sell SFR, the No. 2 mobile phone operator in France, to media company Altice in a deal that could eventually be worth more than $23 billion.

Altice owns the French cable operator Numericable. Vivendi wants to focus on its other businesses, Universal Music Group and Canal+ pay television.

The sale comes as the European telecommunications industry tries to consolidate: There are about 150 major operators in Europe compared with four in the U.S.

Vivendi said Altice's bid is worth 13.5 billion euros ($18.5 billion) at closing. The deal also includes an additional payment of 750 million euros ($1.03 billion) if certain conditions are met. Vivendi will keep a 20 percent stake in SFR and said it may sell those holdings at a later date. It said that sale would bring the total proceeds to more than 17 billion euros ($23.3 billion).

Vivendi said Saturday that SFR and Numericable don't compete with each other. That could improve the chances regulators will approve the transaction. French conglomerate Bouygues also wanted to buy SFR, but some analysts said regulators might object to that deal because the French mobile market would have been dominated by two companies.

Vivendi entered exclusive negotiations with Altice in March. Bouygues offered as much as 15 billion euros ($20.6 billion) for SFR on Friday.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
Vivendi said Saturday it will sell SFR, the No. 2 mobile phone operator in France, to media company Altice in a deal that could eventually be worth more than $23 billion.
Vivendi,France,Altice,SFR
220
2014-24-06
Sunday, 06 Apr 2014 12:24 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved