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Vivendi’s supervisory board has decided on exclusive negotiations with Altice to sell its SFR telecom unit. It will now enter negotiations with Altice, the main shareholder of cable operator Numericable, for three weeks.
Vivendi said it considers Altice to offer to be best for the group’s shareholders and employees. Altice has offered €11.75 billion to Vivendi and a 32 per cent share in the equity of the combined company. Vivendi has also have pre-determined exit conditions.
Numericable welcomed the Vivendi board’s decision saying the merger would create the leading French and European fixed line broadband and mobile operator.