Vivendi’s Acquisition of Amber’s Stake in Lagardère

White & Case advised Amber Capital on the deal.

Vivendi entered into an agreement for the acquisition of Amber Capital shares in Lagardère, representing 17.93 percent of the share capital and 14.34 percent of the theoretical voting rights.

In accordance with the agreements concluded on August 10, 2020, Amber Capital has informed Vivendi of its intention to sell all its shares in Lagardère and has invited Vivendi to make an acquisition offer. The Vivendi Management Board has agreed to offer €24.10 per share for the 25,305,448 shares held by Amber Capital, which Amber Capital has accepted.

The transaction will be completed by December 15, 2022, after gaining the necessary regulatory approvals. If the approvals are not obtained by this date, the acquisition will have to be completed at the same price by a third party in place of Vivendi. Vivendi has announced that a mandatory proposal for a public offer at the same price for all Lagardère shares not yet owned by Vivendi will be filed with the French market authority (Autorité des Marchés financiers) once Vivendi has completed this acquisition.

Founded in 2005, Amber is based in London, Amber Capital is an alternative asset management firm that employs a value and event-driven approach.

Since 2014, Vivendi has built a world-class media, content and communications group. The Group owns leading, strongly complementary assets in music (Universal Music Group), television and movies (Canal+ Group), communications (Havas Group), publishing (Editis), magazines (Prisma Media), video games (Gameloft), live entertainment and ticketing (Vivendi Village). 

The White & Case team in Paris which advised on the transaction was led by partners Saam Golshani (Picture), Diane Lamarche and Franck De Vita and included partner Samir Berlat and associates Hugues Racovski, Félix Thillaye, Nicolas Alfonsi and Charles Connesson.

Involved fees earner: Nicolas Alfonsi – Latham & Watkins; Samir Berlat – White & Case; Charles Connesson – White & Case; Franck De Vita – White & Case; Saam Golshani – White & Case; Diane Lamarche – White & Case; Hugues Racovski – White & Case; Félix Thillaye – White & Case;

Law Firms: Latham & Watkins; White & Case;

Clients: Amber Capital UK LLP;

Naoual Sadouqi

Author: Naoual Sadouqi