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Mergers and Acquistions News

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April 4th 2011, 14:50PM

French-based digital giant Vivendi has secured a deal to acquire Vodafone's stake in SLR for €7.75 billion (£6.8 billion), giving the company full control of the firm.

The deal, which Vivendi says will lead to higher dividends for the company, will see the business take on 44 per cent of SFR, which is the second biggest telecoms provider in France. It will mean Vivendi, which already owns 56 per cent of the company, will now have full ownership rights.

Acquisition has come months after talks first began between the two companies.

Jean-Bernard Levy, chief executive officer of Vivendi, said: "The transaction will create a significant increase in Vivendi's adjusted net income, enabling us to raise the dividend to our shareholders."

Vodafone has said it will return a substantial chunk of the money from the deal to shareholders, in a buy-back move, after the deal is complete in June 2011.

SFR provides mobile and broadband services to more than 20 million people around France.
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