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 includes a 66.53% risk in Lagardere and 100% of Prisma Media). The shares of these 3 firms started regular-way trading on the London Stock Exchange, Euronext Amsterdam, and Euronext Growth Paris, specifically. Vivendi SE shares on Euronext Paris opened up at EUR2.53, made an intraday high of EUR2.61, a reduced of EUR2.49, prior to shutting at EUR2.59. Canal+ shares opened up at ₤ 2.19, made an intraday high of ₤ 2.32, a reduced of ₤ 2.07, prior to shutting at ₤ 2.31. Havas shares opened up at EUR1.69, made an intraday high of EUR1.70, a reduced of EUR1.52, prior to shutting at EUR1.59. Louis Hachette shares opened up at an intraday high of EUR1.41, made a reduced of EUR1.33, prior to shutting at EUR1.35.

Earlier on October 29, 2024, Vivendi’s Supervisory Board had actually accepted the reconstruction strategy. The shares of these 3 firms started If and When Delivered trading on December 16, 2024. To take part in the spin-off allowance, capitalists were called for to purchase Vivendi shares by December 13, 2024. Following which, each Vivendi investor got one Canal+ share, one Havas share, and one Louis Hachette share while maintaining a Vivendi share.

On December 16, 2024, Havas had practically no web financial obligation. Canal+ had an internet financial obligation of roughly EUR400 million, of which EUR255 million was connected to its financial investment in MultiChoice considering that April 8, 2024. Louis Hachette Group has no financial obligation of its very own while Vivendi has an internet financial obligation of EUR1.9 billion (after reduction of the EUR540 million financing provided to Lagardere in June 2024).

Earlier, on December 13, 2023, Vivendi revealed that it is examining the expediency of splitting right into numerous detailed entities structured around Canal+, Havas, and posting and circulation firm (consisting of Lagardere and Prisma Media). According to administration, these companies remain to experience a considerable development in a worldwide context noted by many financial investment possibilities. The splitting up would certainly guarantee that worth is supplied to all entities related to theGroup It would certainly help with the facility of independent entities, each furnished with the needed employees and economic adaptability, permitting them to seek their calculated development goals 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 were the joint Lead Financial Advisors to Vivendi SE. Bank of America, Barclays, BNP Paribas, CIC, Citi, Credit Agricole CIB, and Morgan Stanley were the Co-Financial Advisors Banco Santander, Commerzbank, Intesa Sanpaolo, J.P. Morgan, and Mizuho Securities were the various otherFinancial Advisors Cabinet Bompoint, Cleary Gottlieb Steen & & Hamilton LLP, and Gide Loyrette Nouel were the lawyers to Vivendi.

Deal Rationale

Since Universal Music Group’s circulation and listing in 2021, Vivendi has actually undergone a considerable empire price cut, leading to a remarkable reduction in evaluation and restricting its ability to implement exterior development campaigns for its subsidiaries. Management thinks that this high price cut is baseless provided the durable development possibilities experienced by its team firms, such as Canal+ Group, Havas, and Lagard ère. These firms are experiencing beneficial financial investment atmospheres.

In a proposition offered to the Supervisory Board on December 13, 2023, Vivendi’s Management Board advised discovering the opportunity of splitting the firm right into numerous entities, each to be detailed on the securities market, in order to open the complete growth capacity of its tasks.

The team has spin-off Canal+, Havas, and Louis Hachette Group SA (Lagardere + Prisma Media). Each of these entities has actually come to be independent and detailed on stock market. Following the reconstruction, Vivendi would certainly remain to be a detailed firm, sustaining its subsidiaries’ development and handling financial investments.

Following the Spin-Off, Canal+, Havas, and Louis Hachette Group will certainly have the ability to individually allot their funding to resolve their certain market characteristics, enhance their corresponding funding framework in an initiative to drive successful development and seek their calculated goals, consisting of with procurements and various other development possibilities.

Canal+ and Havas are detailed on stock market (London Stock Exchange for Canal+ and Euronext Amsterdam for Havas) regarded to be eye-catching for lasting worldwide capitalists and finest matched to match each firm’s service requirements and geographical impact.

Other Transactions

On June 9, 2023, Vivendi revealed that it had actually gotten authorization from the European Commission to wage its recommended merging with Lagard ère team, supplied that Vivendi met 2 dedications: offering 100% of Editis’ share funding and marketing Gala publication. On November 21, 2023, Vivendi validated the conclusion of the purchase with Lagard ère team, adhering to the sale of Editis’ whole provided 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 interaction firm throughout 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 workers.

Canal+ SA (Spin-Off)

Canal+ SA is a popular European media company mainly associated with tv market. The department’s substantial profile of tv networks accommodating a vast array of rate of interests and demographics. It’s has actually increased right into on the internet streaming with solutions like myCANAL, so customers can access the web content. Canal+ Group has regarding 26.4 million customers in nearly 50 nations.

Havas NV (Spin-Off)

Havas NV is a prominent worldwide marketing and interactions company that provides varied advertising and marketing and interaction options to customers throughout various fields worldwide. Offerings typical marketing, electronic advertising and marketing, media preparation and buying, public connections, brand name advisory, experiential advertising and marketing, and much more.

Louis Hachette Group SA (Spin-Off)

Louis Hachette Group SA is taking care of Lagardere and Prisma Media service. Lagardere concentrates largely on posting publications, including a wide array of categories consisting of literary works, education and learning, and highlighted publications. Prisma Media, on the various other hand, is a significant publication author in France, providing a comprehensive series of print and electronic titles covering information, way of life, amusement, and style.