Vivendi to Own 57.3% Stake in Lagardere Group Following IPO

Vivendi is on track to own a 57.35-percent stake in Lagardère, the French media, publishing and travel retail conglomerate, following a public tender offer which took place May 27 to June 9.

If approved by the anti-trust board, Vivendi will also own 47.33% of the voting rights of Lagardère. As part of the IPO, which Vivendi described as “friendly,” an additional 20,245,979 shares have been presented, bringing their number to 31,184,281 shares for the totality of the tender offer. The holders of these shares will receive an equal number of transfer rights at a price of €24.10 until Dec. 15.

Vivendi previously owned 45.1% of the Lagardère capital through its acquisition of a 17.5% stake from Amber Capital during the fourth quarter of 2021. The deal placed Vivendi above the 30% share capital and voting right threshold in Lagardere, allowing the company to make a takeover bid. Vivendi began investing in Lagardere with a 10.6% stake in April 2020, when the company’s president Arnaud Lagardère, who inherited the illustrious banner from his father, Jean-Luc Lagardère, clashed with Amber Capital and was threatened to be pushed aside.

“Vivendi’s strategy is to build a global leader in the media, content and communications sectors,” said the group commenting on the IPO.

The banner, which is headquartered in Paris, said that if approved, the acquisition of Lagardère and partnership its CEO and chairman Arnaud Lagardère will enable Vivendi to “consolidate strong industrial ambitions through significant investments notably in quality content in France and abroad; seize opportunities for external growth in sectors where Lagardère operates and thus contribute to greater cultural influence.”

Lagardère’s assets include French radio station Europe 1, magazines such as Journal du Dimanche, Paris Match and leading publishing house Hachette. Its annual revenues reached €4.4 billion in 2020.

Lagardère Studios, the group’s production and distribution banner comprising 27 companies including Spain’s Boomerang, was acquired last year by Mediawan.

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