Vivendi Universal is to dispose of 15% of its stake in Veolia Environment in order to pay back debt and increase its focus on media and telecommunications. The sale, which will reduce its stake in its former water subsidiary from 20.3% to 5.3%, will cut Vivendi’s net debt to approximately ?4 billion ($5.3 billion) and raise ?1.5 billion. The disposal will be implemented through three transactions. In the first, Vivendi Universal will offer 40.4 million of its shares ? 10% of its stake ? in Veolia Entertainment through an accelerated book building (ABB), with Deutsche Bank, Société Générale (SGCIB) and Lazard-Ixix acting as joint bookrunners.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
