Vivendi (VIVHY.PK) has agreed to sell 85% of its stake in Activision Blizzard (ATVI) to the...

|About: Vivendi SA ADR (VIVHY)|By:, SA News Editor

Vivendi (VIVHY.PK) has agreed to sell 85% of its stake in Activision Blizzard (ATVI) to the computer-games company and its management for $8.2B. Activision will buy back 429M shares from Vivendi for $5.83B, using $1.2B of cash and debt of $4.6B, while a consortium led by Activision CEO Bobby Kotick and co-Chairman Brian Kelly will acquire 172M shares for $2.34B. The value of the deal is $13.60 a share, or a 10% discount to Activision's close on Thursday of $15.18. Vivendi, which also plans to sell its holding in Maroc Telecom, will retain a stake of 12% in Activision after the deal is closed. (PR)