Vivendi Sells Activision Blizzard Shares, Gains $1.5 Billion
January 15 2016 - 03:09AM
Dow Jones News
By Nick Kostov
PARIS--France's Vivendi SA said Friday it had sold its remaining
shares in Activision Blizzard Inc. to an unnamed financial
institution for US$1.1 billion, taking advantage of the rise in the
videogames group's share price in the past year.
The French pay-television and music group said it would gain
another $400 million by recovering a cash deposit in the
transaction.
"The decision to implement these transactions was taken in view
of the evolution of the Activision Blizzard stock price," Vivendi
said. The stock has risen more than 90% in the past year.
Vivendi sold its controlling stake in Activision Blizzard, a
powerhouse in console videogames with hit franchises such as "Call
of Duty" and "World of Warcraft," two years ago, but had kept 5.7%
of the videogame company's shares.
Vivendi, its cash reserves bolstered by a series of other asset
sales in the past two years, has recently re-invested in the
videogames sector, acquiring stakes in French game publishers
Ubisoft Entertainment SA and Gameloft SE.
Vivendi, the owner of Universal Music Group and TV company Canal
Plus, has also acquired a large stake in Telecom Italia, Italy's
former national telecom monopoly.
-Write to Nick Kostov at nick.kostov@wsj.com
(END) Dow Jones Newswires
January 15, 2016 02:54 ET (07:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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