According to Altice, Numericable-SFR will acquire half of Vivendi’s stake through a share buyback programme. This will be submitted to a vote at a general assembly of Numericable-SFR shareholders.
At the same time, Altice France will acquire the remaining half of Vivendi’s stake, with the payment being made no later than April 7 next year and subject to an annual interest of 3.8%.
Altice France’s payment, amounting to around €1.948 billion plus 3.8% annual interest, has been secured by a bank guarantee.
Both the Numericable-SFR and Altice purchases will close in the days following the Numericable-SFR general assembly meeting. This is due to take place no later than April 30 this year.
Altice says that the transaction in subject to the approval of Vivendi’s supervisory board.
It would lead to adjustments in previous agreements, put an end to the existing shareholder agreement between Altice and Vivendi, along with several financial arrangements between the parties.