Vivendi sells 35 million Activision shares
Vivendi has sold a stake in Activision Blizzard that reduces its holding in the game publisher to 60 per cent.
While the company didn’t provide a final price in a statement on its website announcing the move, Bloomberg sources indicate Vivendi raised $427 million (£265m) by offloading 35 million Activision shares at $12.20 apiece.
Vivendi is selling assets to help maintain its credit rating and finance recent purchases, including a $1.9 billion (£1.2b) deal to acquire EMI’s music assets – home to artists such as Katy Perry and Coldplay – agreed earlier this month.
Activision’s shares climbed this month following an impressive set of quarterly financial results and improved full-year profit forecasts, and a spokesperson for Vivendi told Bloomberg the Activision sale represents a “tactical transaction” that will improve the group’s capital structure.
Activision said in a separate statement that Vivendi remains committed to the game publisher.