RTL, Canal Plus sell SportFive stakes

19th March 2004, Comments 0 comments

PARIS, March 19 (AFP) - Vivendi Universal's pay television unit Canal Plus has sold its 46.4-percent stake in the sport marketing group SportFive to the US private equity group Advent International, Vivendi said Friday.

PARIS, March 19 (AFP) - Vivendi Universal's pay television unit Canal Plus has sold its 46.4-percent stake in the sport marketing group SportFive to the US private equity group Advent International, Vivendi said Friday.

RTL Group has also sold its 46.4 percent stake to Advent, Vivendi said in a statement.

The transaction for the 92.8 percent being sold to Advent values SportFive at EUR 560 million (USD 694 million), the company said.

Under the terms of the deal, Advent and RTL will set up a new company that will purchase all the shares of Sportfive held by RTL and Canal Plus.

Advent International is expected to hold 75 percent of the new company and RTL the remaining 25 percent.

Canal Plus said the sale was subject to the confirmation of financing as well as the approval of the European antitrust authorities.

© AFP

                                                              Subject: France news

 

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