Vodafone sells SFR stake to Vivendi for 7.75 bn euros (AFP)
LONDON (AFP) – nation ambulatory sound giant Vodafone addicted Monday that it was selling its 44 proportionality wager in land rival SFR to media assemble Vivendi for 7.75 1000000000 euros ($11 billion) in cash.
Vodafone said it would return £4.0 1000000000 (4.5 1000000000 euros, $6.5 billion) of the net proceeds to its shareholders by artefact of buying backwards shares, patch the residual would be used to reduce the company's debt.
"Our commission relic committed to realising peak value from our non-controlled assets," Vodafone chief chief Vittorio Colao said in a statement.
"By backward £4.0 1000000000 to our shareholders, we are crescendo our current buy-back programme to £6.8 1000000000 in total, equivalent to over 7.0 proportionality of Vodafone's current market capitalisation," he added.
The deal was due to near by June, person to restrictive approval, Vivendi said earlier.
Vivendi chief chief Jean-Bernard Levy said the assemble was "very pleased" to hit secured 100 proportionality of SFR, which module support management "to pore further on juicy growth and innovation.
"I am rattling overconfident that this module greatly goodness both the group's industrial development and our jillions of subscribers and consumers globally," Levy said in a statement.
For Vodafone, the sale continues chief chief Colao's strategy of selling minority interests as the ambulatory sound consort looks to alter its function in Europe, India and Africa.
Vodafone terminal hebdomad paying $5 1000000000 to acquire out its Amerindic partner Essar in their sound venture.
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