Allen & Overy advises Vivendi on sale of SFR

Allen & Overy has advised Vivendi on the sale of SFR. Vivendi’s supervisory board examined the two offers received from Altice SA and Bouygues and decided to enter into exclusive negotiations with Altice for a period of three weeks.

The Altice offer consists of a €11.75bn (£9.7bn) payment to Vivendi and a 32 per cent share in the equity of the combined listed entity. It also provides Vivendi with pre-determined exit conditions.

At the end of the three weeks, the supervisory board will meet again to establish the next steps and to decide whether to stop considering other options available.

The Allen & Overy Paris team providing M&A advice includes partners Marcus Billam, Frédéric Moreau and Frédéric Jungels, senior consultant Catherine Maison-Blanche and counsel Jean-Baptiste de Martigny, assisted by associates Frédérique Dugué, Anne-Caroline Payelle, Ioana Nicolas, Flora Leon-Serviere and Alexandre Durand.

Partner Roderic Cork, counsel Jean-Christophe David and associate Yasmine Boïk-Bouhedjar advised Vivendi on the financing aspects. Allen & Overy also provided public law, competition, intellectual property, capital markets, employment, litigation, tax and real-estate advice.