After rising to nearly 25% of Telecom Italia and signing a strategic deal with Mediaset, Vivendi announced it has reached an agreement to buy 15% of the French chain of stores Fnac. The group chaired by Vincent Bollorè has undertaken to subscribe to a reserved capital increase of 159 million euros at a price of 54 euros per share (equal to last Friday's closing price). As part of the agreement, Vivendi will be entitled to two seats on the Board of Fnac.
A note from Vivendi explains that “the two companies aim to develop an innovative project that creates long-term value”. Among the qualifying points of the operation, the French media group cites "the development of cultural content as an example through distribution partnerships", the management of live events and privileged access for customers of both groups to extensive digital services.
The two companies also intend to "accelerate the international development of the Fnac group, particularly in Southern Europe as well as in Africa, where Vivendi has been present for more than 20 years". The Fnac chain, which sells books, music and consumer electronics, is currently present in France, Spain, Portugal, Brazil, Belgium, Switzerland, Morocco and the Ivory Coast. In Italy, the group has been out since 2012.
