Vivendi confirms spin-off of SFR
27 November 2013 |
French telco Vivendi has confirmed plans to demerge its mobile arm, SFR.
The spin-off was first rumoured in March, as the company continues to look at ways to reduce debt. Last year, SFR accounted for approximately 30% of the group’s €5.4 billion operating profit.
The demerger was approved by the company’s Supervisory Board yesterday, which is chaired by Jean-René Fourtou.
In a statement on its website, the company highlighted that the move will help position it as an international media group. It also said that the spin-off will offer SFR greater strategic autonomy to seize opportunities in a transforming market.
The plan will be submitted to the relevant authorities at a later stage, and the group plan to include it on the agenda at the next annual shareholders’ meeting at the end of June 2014.
Earlier in November, Vivendi concluded talks for the sale of its stake in Maroc Telecom to Etisalat for €4.2 billion.
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