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Vivendi chooses Numericable owner Altice for SFR sale

The Vivendi office is seen in Paris on Wednesday, May 17, 2006.Vivendi’s supervisory board has decided to enter into exclusive negotiations with Altice to sell its SFR telecom unit.

Vivendi will now enter into negotiations with Altice, the main shareholder of cable operator Numericable, for three weeks.

Vivendi said its board “considers [Altice’s] offer to be the most pertinent for the group’s shareholders and employees, with the opportunity for effective execution.The offer also achieves Vivendi’s objective to rapidly become a leading European media and content player and develop SFR as a dynamic leader in high speed fixed and mobile telephony.”

Altice has offered €11.75 billion to Vivendi and a 32% share in the equity of the combined company. Vivendi has also been provided with pre-determined exit conditions.