Vivendi to acquire Vodafone’s 44% stake in SFR
Paris, April 3, 2011
Vivendi to acquire Vodafone fs 44% stake in SFR
Vivendi and Vodafone announce today the signing of an agreement for Vivendi to acquire Vodafone fs 44%
stake in SFR.
The amount of the transaction will be €7,950 M, split as follows:
- €7,750 M, corresponding to a 6.2 multiple of SFR fs reported 2010 EBITDA (€3973 M);
- A lump sum of .200 M, reflecting the generation of cash between January 1st, 2011 and July 1st, 2011.
Additionally, SFR and Vodafone will extend their commercial co-operation for a further three years.
Commenting on the agreement, Jean-Bernard Levy, Chairman of the Management Board and Chief Executive
Officer declared: “We are very pleased to reach our strategic objective to own 100% of SFR, which will help
Vivendi to focus further on profitable growth and innovation. I am very confident that this will greatly benefit
both the Group fs industrial development and our millions of subscribers and consumers globally. The
transaction will create a significant increase in Vivendi fs adjusted net income, enabling us to raise the
dividend to our shareholders.“
This agreement is subject to customary Competition Authority approval. Completion of the transaction is
expected by end June, 2011.
The Best Emotions, Digitally
Vivendi is at the heart of the worlds of content, platforms and interactive networks.
Vivendi combines the world leader in video games (Activision Blizzard), the world leader in music (Universal Music Group), the French leader in alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom Group), the leading alternative telecoms provider in Brazil (GVT) and the French leader in Pay TV (Canal+ Group). In 2010, Vivendi achieved revenues of €28,9 billion and adjusted net income of €2.7 billion. With operations in 77 countries, the Group has about 51,300 employees.
Disclaimer Forward Looking Statements. This press release contains forward-looking statements with respect to Vivendi`s
financial condition, results of operations, business, strategy and plans. Although Vivendi believes that such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may
differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are
outside our control, including but not limited to the risks regarding antitrust and regulatory approvals as well as the risks
described in the documents Vivendi has filed with the Autorité des Marchés Financiers (French securities regulator) and which
are also available in English on our web site (). Investors and security holders may obtain a free copy of
documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. The
present forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or
obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or
Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of
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ANALYST CONFERENCE (in English, with French translation). The call number will be given later.
Chairman of the Management Board
Monday April 4, 2011; 17:30 pm Paris time – 16:30 pm London time – 11:30 am New York time
Media invited on a listen-only basis.