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% danger in Lagardere and 100% of Prisma Media). The shares of those 3 companies 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 lowered of EUR2.49, previous to shutting at EUR2.59. Canal+ shares opened up at ₤ 2.19, made an intraday excessive of ₤ 2.32, a lowered of ₤ 2.07, previous to shutting at ₤ 2.31. Havas shares opened up at EUR1.69, made an intraday excessive of EUR1.70, a lowered of EUR1.52, previous to shutting at EUR1.59. Louis Hachette shares opened up at an intraday excessive of EUR1.41, made a lowered of EUR1.33, previous to shutting at EUR1.35.

Earlier on October 29, 2024, Vivendi’s Supervisory Board had really accepted the reconstruction technique. The shares of those 3 companies began If and When Delivered buying and selling on December 16, 2024. To participate within the spin-off allowance, capitalists have been referred to as for to buy Vivendi shares by December 13, 2024. Following which, every Vivendi investor obtained 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 inspecting 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 corporations stay to expertise a substantial growth in a worldwide context famous by many monetary funding prospects. The splitting up will surely assure that price is provided to all entities associated to theGroup It will surely assist with the ability of unbiased entities, every furnished with the wanted staff and financial adaptability, allowing them to search their calculated growth 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 have been the joint Lead Financial Advisors to Vivendi SE. Bank of America, Barclays, BNP Paribas, CIC, Citi, Credit Agricole CIB, and Morgan Stanley have been the Co-Financial Advisors Banco Santander, Commerzbank, Intesa Sanpaolo, J.P. Morgan, and Mizuho Securities have been the varied differentFinancial Advisors Cabinet Bompoint, Cleary Gottlieb Steen & & Hamilton LLP, and Gide Loyrette Nouel have been the attorneys to Vivendi.

Deal Rationale

Since Universal Music Group’s circulation and itemizing in 2021, Vivendi has really undergone a substantial empire worth minimize, resulting in a outstanding discount in analysis and limiting its skill to implement exterior growth campaigns for its subsidiaries. Management thinks that this excessive worth minimize is baseless supplied the sturdy growth prospects skilled by its workforce companies, reminiscent of Canal+ Group, Havas, and Lagard ère. These companies are experiencing useful 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, as a way to open the whole progress capability of its duties.

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

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

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 impression.

Other Transactions

On June 9, 2023, Vivendi revealed that it had really gotten authorization from the European Commission to wage its beneficial merging with Lagard ère workforce, provided that Vivendi met 2 dedications: providing 100% of Editis’ share funding and advertising and marketing Gala publication. On November 21, 2023, Vivendi validated the conclusion of the acquisition with Lagard ère workforce, 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 staff.

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 enormous array of price of pursuits and demographics. It’s has really 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 outstanding worldwide advertising and marketing and interactions firm that gives diverse promoting and advertising and marketing and interplay choices to prospects all through varied fields worldwide. Offerings typical advertising and marketing, digital promoting and advertising and marketing, media preparation and shopping for, public connections, model identify advisory, experiential promoting and advertising and marketing, and rather more.

Louis Hachette Group SA (Spin-Off)

Louis Hachette Group SA is caring for Lagardere and Prisma Media service. Lagardere concentrates largely on posting publications, together with a wide selection of classes consisting of literary works, training and studying, and highlighted publications. Prisma Media, on the varied different hand, is a major publication creator in France, offering a complete sequence of print and digital titles masking data, lifestyle, amusement, and elegance.