Vivendi Completes Spin-Off Of Canal+, Havas And Louis Hachette

Deal Overview

On December 18, Vivendi SE (OTC ADR: VIVHY, $6.80, Euronext Paris: VIV, EUR2.51; Market Capitalization: OTC ADR: $7.0 billion, Euronext Paris: VIV, EUR2.6 billion) revealed the conclusion of the spin-off of Canal+ (CONTAINER), Havas (HAVAS), and the Louis Hachette Group (ALHG; that features a 66.53% threat in Lagardere and 100% of Prisma Media). The shares of those 3 corporations began regular-way buying and selling on the London Stock Exchange, Euronext Amsterdam, and Euronext Growth Paris, particularly. Vivendi SE shares on Euronext Paris opened up at EUR2.53, made an intraday excessive of EUR2.61, a diminished of EUR2.49, previous to shutting at EUR2.59. Canal+ shares opened up at ₤ 2.19, made an intraday excessive of ₤ 2.32, a diminished of ₤ 2.07, previous to shutting at ₤ 2.31. Havas shares opened up at EUR1.69, made an intraday excessive of EUR1.70, a diminished of EUR1.52, previous to shutting at EUR1.59. Louis Hachette shares opened up at an intraday excessive of EUR1.41, made a diminished of EUR1.33, previous to shutting at EUR1.35.

Earlier on October 29, 2024, Vivendi’s Supervisory Board had truly accepted the reconstruction technique. The shares of those 3 corporations began If and When Delivered buying and selling on December 16, 2024. To participate within the spin-off allowance, capitalists had been known as for to buy Vivendi shares by December 13, 2024. Following which, every Vivendi investor bought one Canal+ share, one Havas share, and one Louis Hachette share whereas sustaining a Vivendi share.

On December 16, 2024, Havas had virtually no internet monetary obligation. Canal+ had an web monetary obligation of roughly EUR400 million, of which EUR255 million was related to its monetary funding in MultiChoice contemplating that April 8, 2024. Louis Hachette Group has no monetary obligation of its very personal whereas Vivendi has an web monetary obligation of EUR1.9 billion (after discount of the EUR540 million financing supplied to Lagardere in June 2024).

Earlier, on December 13, 2023, Vivendi revealed that it’s analyzing the expediency of splitting proper into quite a few detailed entities structured round Canal+, Havas, and posting and circulation agency (consisting of Lagardere and Prisma Media). According to administration, these firms stay to expertise a substantial improvement in a worldwide context famous by many monetary funding potentialities. The splitting up would definitely assure that price is provided to all entities associated to theGroup It would definitely assist with the power of unbiased entities, every furnished with the wanted staff and financial adaptability, allowing them to search their calculated improvement targets individually.

Banque Hottinguer, BNP Paribas, Evercore, Lazard, and Societe Generale acted as Coordinators for the Spin- off job. Goldman Sachs Bank Europe SE, HSBC, and Natixis had been the joint Lead Financial Advisors to Vivendi SE. Bank of America, Barclays, BNP Paribas, CIC, Citi, Credit Agricole CIB, and Morgan Stanley had been the Co-Financial Advisors Banco Santander, Commerzbank, Intesa Sanpaolo, J.P. Morgan, and Mizuho Securities had been the assorted differentFinancial Advisors Cabinet Bompoint, Cleary Gottlieb Steen & & Hamilton LLP, and Gide Loyrette Nouel had been the attorneys to Vivendi.

Deal Rationale

Since Universal Music Group’s circulation and itemizing in 2021, Vivendi has truly undergone a substantial empire value minimize, resulting in a outstanding discount in analysis and limiting its means to implement exterior improvement campaigns for its subsidiaries. Management thinks that this excessive value minimize is baseless supplied the sturdy improvement potentialities skilled by its staff corporations, resembling Canal+ Group, Havas, and Lagard ère. These corporations are experiencing helpful monetary funding atmospheres.

In a proposition provided to the Supervisory Board on December 13, 2023, Vivendi’s Management Board suggested discovering the chance of splitting the agency proper into quite a few entities, every to be detailed on the securities market, so as to open the whole progress capability of its duties.

The staff has spin-off Canal+, Havas, and Louis Hachette Group SA (Lagardere + Prisma Media). Each of those entities has truly come to be unbiased and detailed on inventory market. Following the reconstruction, Vivendi would definitely stay to be an in depth agency, sustaining its subsidiaries’ improvement and dealing with monetary investments.

Following the Spin-Off, Canal+, Havas, and Louis Hachette Group will definitely have the flexibility to individually allot their funding to resolve their sure market traits, improve their corresponding funding framework in an initiative to drive profitable improvement and search their calculated targets, consisting of with procurements and numerous different improvement potentialities.

Canal+ and Havas are detailed on inventory market (London Stock Exchange for Canal+ and Euronext Amsterdam for Havas) regarded to be eye-catching for lasting worldwide capitalists and most interesting matched to match every agency’s service necessities and geographical influence.

Other Transactions

On June 9, 2023, Vivendi revealed that it had truly gotten authorization from the European Commission to wage its advisable merging with Lagard ère staff, provided that Vivendi met 2 dedications: providing 100% of Editis’ share funding and advertising Gala publication. On November 21, 2023, Vivendi validated the conclusion of the acquisition with Lagard ère staff, adhering to the sale of Editis’ entire supplied share funding to International Media Invest on November 14, 2023, and the sale of Gala publication to Groupe Figaro on November 21, 2023.

Company Description

Vivendi SE (Parent)

Vivendi SE, established in 1853 and headquartered in Paris, France, runs as an enjoyment, media, and interplay agency all through Europe, the United States, Asia, andAfrica It participates in Music, Television, Video Games, Telecommunications, and Publishing, with departments consisting of Canal+ Group, Lagardere, Havas, Prisma Media, Gameloft, Vivendi Village, New Initiatives, and Generosity andSolidarity As of December 31, 2023, Vivendi had 72,958 employees.

Canal+ SA (Spin-Off)

Canal+ SA is a well-liked European media firm primarily related to television market. The division’s substantial profile of television networks accommodating an unlimited array of charge of pursuits and demographics. It’s has truly elevated proper into on the web streaming with options like myCANAL, so prospects can entry the net content material. Canal+ Group has concerning 26.4 million prospects in almost 50 nations.

Havas NV (Spin-Off)

Havas NV is a distinguished worldwide advertising and interactions firm that gives diversified promoting and advertising and interplay choices to prospects all through numerous fields worldwide. Offerings typical advertising, digital promoting and advertising, media preparation and shopping for, public connections, model title advisory, experiential promoting and advertising, and rather more.

Louis Hachette Group SA (Spin-Off)

Louis Hachette Group SA is taking good care of Lagardere and Prisma Media service. Lagardere concentrates largely on posting publications, together with a big selection of classes consisting of literary works, training and studying, and highlighted publications. Prisma Media, on the assorted different hand, is a major publication writer in France, offering a complete collection of print and digital titles overlaying info, lifestyle, amusement, and magnificence.