Numericable-SFR shareholders have approved the acquisition of 48.394 million of the company’s shares under a buyback programme, which was agreed upon between Vivendi and Altice Group on 27 February 2015, and the cancellation of all or part of the purchased bonds. According to a company’s press release, the transaction should take place on 6 May 2015.
As previously reported by TeleGeography’s CommsUpdate, in April 2014 Vivendi’s management accepted a takeover offer for SFR from Numericable’s parent Altice. Under the deal, Altice paid Vivendi EUR13.5 billion (USD14.5 billion) in cash whilst Vivendi took a 20% stake in a newly formed company, Numericable-SFR, with 60% owned by Altice and 20% publicly listed in Paris. Vivendi exercised its option to sell its 20% SFR-Numericable stake in February 2015, when it agreed to vend 10% of its stake to Numericable-SFR for EUR1.947 million in cash; the remaining shares will be acquired by Altice France (a subsidiary of Altice Group), with the payment to be made no later than 7 April 2016 (subject to an interest of 3.8% per annum).