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Eric Pyrmont/AFP via Getty Images
European Commission gives green light to French conglomerate VivendiAcquisition of the Lagardère Group.
The acquisition would make the Paris-based group one of the largest media and entertainment groups in Europe, alongside German giant Bertelsmann.
Lagardère’s main assets include Hachette Publishing Group, the famous weekly magazine paris matchEurope 1 radio station and the newsstand chain Relay.
The approval is contingent on the group’s commitment to sell its 100% stake in French publisher Editis and sell off the celebrity magazine in its entirety festivalcurrently published by Vivendi’s Prisma Group.
In its press release, Vivendi recalled that it had entered into a put option agreement with Czech tycoon Daniel Kretinsky’s International Media Invest on Editis on April 23, 2023, noting the strong interest in Editis festival also.
Vivendi said it was confident it would be able to close both deals by the end of October and that the operation would bring it “a new dimension”.
“With the addition of the Lagardère group, Vivendi will now have around 66,000 employees, compared to 38,000 at the end of December 2022, with a greater presence in key markets such as France, the UK, Spain and the US. Based on 2022 results, the annual Revenue is expected to be around 17 billion euros, compared to around 10 billion euros now.”
It added that the integrity of the Lagardère group would be preserved, with Arnaud Lagardère continuing as its chairman and chief executive.
Yannick Bolloré, Chairman of Vivendi’s Supervisory Board, said: “The European Commission’s decision is good news for Vivendi, which will now be able to successfully implement its ambitious development plans with the Lagardère Group.”
“This transaction will align with our strategic ambition to internationalize our events and our determination to become a global leader in culture and entertainment.”
Vivendi’s acquisition of Lagardère began in early 2020, at a time when the once-mighty group was going through a financial crisis that was then exacerbated by the Covid-19 pandemic.
The group bought a 57 percent stake in Lagardère last year but has been waiting for the EC to sign off to complete the acquisition.
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