Vodafone Group announced the long-anticipated disposal of its 44 percent stake in French operator SFR, selling to co-shareholder Vivendi for EUR7.75 billion (£6.8 billion) in cash, with a final dividend of EUR200 million also due on completion of the transaction.
Vodafone and SFR will subsequently enter into a 'Partner Market' agreement, which will maintain their commercial co-operation – in a statement, Vivendi said this will run “for a further three years.”
The transaction is subject to regulatory approval, and is expected to close by the end of June 2011.
Vittorio Colao, CEO of Vodafone , said that “our Board remains committed to realising maximum value from our non-controlled assets.
The sale of our stake in SFR, at an attractive multiple, represents a further step in the execution of this strategy.”
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