fredag 26 juli 2013

Vivendi - äntligen!



Så händer det då något i Vivendi! Jag hade nästan givit upp hoppet och då annonserar Vivendi att de säljer sin andel i Activision Blizzard. En försäljning av Maroc Telecom ligger också nära i tiden. Det verkar som att ledningen nu menar allvar med omstruktureringen mot ett mer fokuserat bolag mot media. Jag är nöjd att de säljer Activision då jag är lite skeptisk till bolaget. Spelbranschen är snabbrörlig och bolaget är beroende av enstaka spel. Kursen har stigit mycket i år så Vivendi får bra betalt för aktierna trots en rabatt mot gårdagens stängningskurs på 10 %. Nedan följer Vivendis pressmeddelande.

Vivendi announced today that it will divest over 85% of its interest in Activision Blizzard for $8.2 billion (approx. €6.2 billion at current rate), or $13.60 per share. The majority of its shares (429 million) will be acquired by Activision Blizzard. An additional portion (172 million) will be acquired by a consortium of leading investors (ASAC II LP) including the Activision Blizzard CEO Bobby Kotick and Co-Chairman Brian Kelly.

Vivendi currently owns 61.1% or 684 million Activision Blizzard common shares. Upon completion of this transaction, Vivendi will retain 83 million Activision Blizzard shares, representing 12% of Activision Blizzard’s common shares after the transaction. ASAC II LP will own 24.9% of the outstanding share capital.

Vivendi will generate significant cash proceeds through a disposal of common shares at a premium to historical average prices. In addition, Vivendi expects to benefit from further upside at Activision Blizzard through its remaining stake.
Today’s transaction crystallizes the value creation that Vivendi has achieved over time in its games business, nearly $8 billion.

Part of the cash proceeds from the transaction will be used to strengthen Vivendi’s balance sheet and maintain its BBB/Baa2 rating. The Vivendi Supervisory Board will determine the appropriate use of the remaining proceeds.

Commenting on this agreement, Jean-François Dubos, Chairman of the Vivendi Management Board, stated: “This transaction represents an important step forward in the strategic review conducted by the Vivendi Supervisory Board over the last year. It provides the Group with greater financial flexibility and creates value for our shareholders. Vivendi is progressing at its own pace in the announced restructuring, to reach new growth milestones.”

Philippe Capron, Activision Blizzard Board Chairman and Vivendi Chief Financial Officer, added: “I would like to thank Activision Blizzard’s management for the outstanding performance they have delivered since the merger. This deal is definitely a win-win with a massively accretive impact for minority shareholders. Vivendi will be able to deleverage thanks to the immediate proceeds and will also benefit from further value creation as it remains a 12% shareholder.”

The transaction, which is expected to close by the end of September 2013, has been unanimously approved by the Vivendi Supervisory Board and the Activision Blizzard Board of Directors, as well as Activision Blizzard’s Special Committee of independent directors. Both Activision Blizzard and ASAC II LP have committed debt and equity financing in place.
 
Key terms of the agreements
  • Through the acquisition of a Vivendi subsidiary, Activision Blizzard will effectively repurchase 429 million shares for a cash consideration of $5.8 billion.
  • Concurrently, Vivendi will sell to ASAC II LP* 172 million Activision Blizzard shares for an aggregate cash consideration of $2.3 billion.
  • Simultaneous closings of both sales are anticipated by the end of September 2013.
  • Vivendi will retain 83 million Activision Blizzard shares, representing 12% of Activision Blizzard’s outstanding share capital after the transaction.
  • Vivendi’s remaining ownership will be subject to a staggered 15-month lock-up.
  • Sale to Activision Blizzard and sale to ASAC II LP are inter-conditional and subject to customary closing conditions.
Länk

4 kommentarer:

  1. Grattis. Bra planerat ^^

    Har du räknat på hur mycket du avkastar jämfört index någonstans i bloggen?

    SvaraRadera
    Svar
    1. Tack!

      Nej, jag har ingen superkoll på min avkastning men kan nog räkna ut den om jag lägger ner lite tid. I år är portföljen upp ca 26 %. Jag ska göra en sammanställning någon gång framöver för att se hur avkastningen ser ut. Jag föredrar att mäta över 3-5 år för att få en bättre indikation på hur portföljen presterar.

      Radera
    2. Är det citigroup som är ditt största innehav nu(med tanke på deras uppgång)? hade varit kul att se hur fördelningen i portföljen ser hur :)

      Mvh

      Radera
    3. Hej!

      Jag återkommer med en genomgång av mina innehav. Men Citigroup tillhör topp 5 i portföljen och mer aktier kommer jag att köpa i Citigroup. Håll till godo, det kommer snart en uppdatering kring portföljen.

      Radera

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