Vivendi: may sell its stake in Telecom Italia
(CercleFinance.com) - Vivendi is reportedly in negotiations with CVC Capital Partners for the sale of its stake in Telecom Italia, according to Bloomberg.
Discussions are said to be at a preliminary stage and there is no certainty of an agreement.
Vivendi holds 23.75% of TIM's ordinary shares (17.0% of the capital including preference shares), which are currently worth E940m. Last July, TIM completed the sale of its fixed-line network to KKR for up to E22bn, as part of a government-backed plan to reduce debt and revitalize the group, Invest Securities said this morning.
Post-split, Vivendi is a holding company with 5 financial interests (UMG, TIM, Telefonica, Banijay, MFE and PRISA) and 100% of Gameloft. Based on stock market prices, a Gameloft valuation given by Vivendi of E380m and ND of E1.9bn, Vivendi's NAV stands at E5bn, or E5 per share. Despite yesterday's sharp +41% rise in the share price, the discount is still 50%. This transaction, should it materialize, could contribute to reducing this discount, Invest Securities adds.
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Discussions are said to be at a preliminary stage and there is no certainty of an agreement.
Vivendi holds 23.75% of TIM's ordinary shares (17.0% of the capital including preference shares), which are currently worth E940m. Last July, TIM completed the sale of its fixed-line network to KKR for up to E22bn, as part of a government-backed plan to reduce debt and revitalize the group, Invest Securities said this morning.
Post-split, Vivendi is a holding company with 5 financial interests (UMG, TIM, Telefonica, Banijay, MFE and PRISA) and 100% of Gameloft. Based on stock market prices, a Gameloft valuation given by Vivendi of E380m and ND of E1.9bn, Vivendi's NAV stands at E5bn, or E5 per share. Despite yesterday's sharp +41% rise in the share price, the discount is still 50%. This transaction, should it materialize, could contribute to reducing this discount, Invest Securities adds.
Copyright (c) 2024 CercleFinance.com. All rights reserved.