Altice offers €3.9 billion for Vivendi’s stake in Numericable-SFR

Altice’s €40 a share offer comes three months after Vivendi completed the sale of SFR to Numericable. As part of the agreement, Vivendi received a 20% stake in the combined company, with the option to exit at a later date.

Half of Vivendi’s stake would be acquired by Numericable-SFR as part of a share buyback programme. The other 50% would be acquired by Altice France, with a payment no later than April 7 2016.

Vivendi’s management board will examine the offer in the coming days and its supervisory board will meet February 27 to decide if any further action is needed.

The acquisition will take effect in the days following Numericable-SFR’s shareholders meeting on April 30.