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Vivendi to Buy 15 Percent Stake in French Media Retailer Fnac

vivendi
Courtesy of Vivendi

  

Universal Music Group parent company Vivendi has acquired a 15 percent stake in leading French music and book retailer Fnac. Vivendi said late Monday that it had agreed to a reserved capital increase to raise 159 million euros ($181 million) at a price of 54 euros ($61) per share.

The deal will likely result in new cooperation to boost Vivendi’s live events and ticketing businesses, and an acceleration of Fnac’s expansion into areas where Vivendi has a presence, such as parts of Africa.

The proposed capital increase is subject to approval by shareholders. As part of the deal, Fnac has agreed to the appointment of two directors to represent Vivendi on the Fnac Board of Directors.

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Following the announcement, shares of Fnac jumped 7 percent to 58 euros in Paris. Vivendi's stock price held firm at just over 18 euros.

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