

1
Group Profile |
Businesses
| Litigation | Risk Factors
Operations Sold or Being Sold
2.4. Operations Sold or Being Sold
2.4.1.
SFR
SFR is the second largest telecommunications operator in France. Present
in the ultra high-speed broadband segment, it meets all the needs of
its individual and business customers, companies, public authorities and
operators in both mobile and fixed line, Internet and television.
On November 27, 2014, the sale of SFR to Altice-Numericable was
finalized (on April 5, Vivendi’s Supervisory Board selected the Altice-
Numericable bid to acquire the operator). Vivendi received a cash
consideration of €13,166 billion.
In addition, on December 5, 2014, SFR acquired 100% of the capital of
Omer Telecom Limited, which operates in France under the Virgin Mobile
brand.
On February 17, 2015, Vivendi received a firm offer from Numericable-SFR
and Altice for its 20% interest in Numericable-SFR at a price of €40 per
share, representing a total consideration of €3.9 billion.
After a review by the Management Board, the Supervisory Board studied
Numericable-SFR and Altice’s offer for Vivendi’s 20% interest in the
telecommunications operator. The Board decided to accept the offer.
This offer marks the completion of SFR’s divestment under financial
terms that offer a share premium of 20% over Numericable-SFR’s closing
share price on November 27, 2014, the date of the SFR disposal. The low
liquidity of the Numericable-SFR share made a withdrawal under optimal
conditions uncertain.
Vivendi will receive a total of €17 billion, an amount in line with the
valuation projections announced by Vivendi in April 2014. For more
details, please see Section 1 of the Financial Report in Chapter 5.
2.4.2.
Maroc Telecom
On May 14, 2014, Vivendi sold its entire 53% interest in Maroc Telecom,
the incumbent telecommunications operator in Morocco, which is also
present in Burkina Faso, Gabon, Mali and Mauritania. The final sale price
under the agreements entered into in November 2013 was €4,138 billion,
after price adjustment.
2.4.3.
Activision Blizzard
On October 11, 2013, Vivendi sold 88% of its interest in Activision Blizzard.
Then, on May 22, 2014, Vivendi sold a first tranche of 41.5 million of its
remaining Activision Blizzard shares for $852 million (€623 million). Vivendi
still holds 5.8% of Activision Blizzard.
2.4.4.
GVT
GVT is the leading Brazilian alternative operator in ultra high-speed
fixed line telephony, fixed line telecommunications, and pay-TV. Vivendi
acquired control of GVT in 2009 and has held 100% of the company
since 2010.
Founded in 2000 in the Curitiba region, at year-end 2014, it was operating
in 156 cities throughout Brazil with 8.2 million subscribers (lines
in service), including 858,860 for pay-TV.
On September 18, 2014, Vivendi and Telefonica entered into a final
agreement for the disposal of GVT. The transaction provides for a cash
payment of €4.66 billion (after deducting bank debt of approximately
€450 million and adjustments related to working capital). Vivendi will
also receive 7.4% of the share capital of Telefonica Brasil and a 5.7%
interest in Telecom Italia. This transaction is expected to be finalized in
the second quarter of 2015.
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Annual Report 2014