EC gives green light to Vivendi to proceed with Lagardère transaction

By Luke Barras-hill |

Vivendi says it welcomes the EU anti-trust approval, which will offer the group a stronger presence in key markets such as France, the UK, Spain and the US. It will also mark the integration of a rapidly growing travel retail business. Pictured is Lagardère Travel Retail’s Aelia Duty Free fascia at Nice Airport.

French media conglomerate Vivendi’s proposed takeover of Lagardère Group has received conditional approval from the European Commission.

As reported, the deal for Lagardère Travel Retail’s parent Lagardère Group was subject to the clearance of relevant EU antitrust rules that govern market competition.

In a statement, Vivendi confirms the approval is contingent on the completion of two of its commitments: The sale of 100% of the share capital of Editis (the subject of a put option agreement with International Media Invest a.s. on 23 April) and the full sale of Gala magazine.

As a result of the deal, Vivendi’s annual revenues are forecast to reach approximately €17 billion/$18.3 billion based on its 2022 results – compared with around €10 billion today – and the group will oversee 66,000 employees versus 38,000 (as of the end of December 2022).

Vivendi says it is “confident” it can finalise the transactions by the end of October, reaffirming that Lagardère Group’s integrity would be “preserved” with Arnaud Lagardère continuing to serve as Chairman and CEO.

Yannick Bolloré, Chairman of the Vivendi Supervisory Board, said: “The European Commission’s decision is excellent news for Vivendi which will now be able to successfully carry out its ambitious development plan with the Lagardère Group.

“The transaction will align with our strategic ambition to internationalise our activities and our determination to be a leading global player in culture and entertainment. We would like to thank Arnaud Lagardère for his unwavering confidence in our project, and we look forward to meeting all the group’s talents in the near future.”

For background on the story, click the below links:

EMEA leads the charge as Lagardère TR revenue growth tops 100% in first half

Vivendi crosses 50% capital line in Lagardère pursuit

Vivendi holds 57% of Lagardère share capital after final public tender result

Vivendi acquires Amber Capital’s shares in Lagardère; takeover offer nears

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