Vivendi exploring split of company into several entities

Vivendi said that since the distribution and listing of Universal Music Group in 2021, it “has endured a significantly high conglomerate discount, substantially reducing its valuation and thereby limiting its ability to carry out external growth transactions for its subsidiaries. Canal+, Havas and Lagardere are currently experiencing strong growth in an international context marked by numerous investment opportunities. In order to fully unleash the development potential of all its activities, the Management Board of Vivendi proposed to the Supervisory Board – which gave its approval on the matter today – to explore the feasibility of a project to split the company into several entities, each of which would be listed on the stock market and structured around” Canal+, Havas and an investment company with listed and unlisted financial stakes in the cultural, media and entertainment sectors, which would include the majority stake in the Lagardere group. Vivendi added, “This split project would provide all the entities with the human resources and the financial agility necessary for their development. This project will have to prove its added value for all stakeholders and include an analysis of the tax consequences of the various contemplated operations. To conduct this study, Vivendi will be assisted by its usual banks and advisors.”