Vivendi: unwinding of hedge and disposal of Activision Blizzard shares
January 15 2016 - 1:57AM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) today announced that it unwound the hedge on
its remaining 41.5 million Activision Blizzard shares (representing
5.7% of the video game publisher’s common shares) and sold its
entire position to a financial institution for net proceeds of
US$1.1 billion (approximately €1 billion). The unwinding of this
hedge allows Vivendi to recover a cash deposit of US$0.4
billion.
The decision to implement these transactions was taken in view
of the evolution of the Activision Blizzard stock price.
The hedge was set up in June 2015 and covered 100% of the value
of the Activision Blizzard shares, denominated in US dollars. It
was accomplished using a zero-cost collar with a maximum term of 18
months.
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
The main subsidiaries of Vivendi comprise Canal+ Group and
Universal Music Group. Canal+ is the leading pay-TV operator in
France, and also serves markets in Africa, Poland and Vietnam.
Canal+ operations include Studiocanal, a leading European player in
production, sales and distribution of film and TV series. Universal
Music Group is the world leader in recorded music, music publishing
and merchandising, with more than 50 labels covering all genres. A
separate division, Vivendi Village, brings together Vivendi
Ticketing (ticketing in the UK, the U.S and France), MyBestPro
(experts counseling), Watchever (subscription video-on-demand),
Radionomy (digital radio) and the Paris-based concert venue
L’Olympia. With 3.5 billion videos viewed each month, Dailymotion
is one of the biggest video content aggregation and distribution
platforms in the world. www.vivendi.com,
www.cultureswithvivendi.com
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