Media firm Vivendi will acquire a 15% interest in retailer Groupe Fnac, with an aim to bolster its digital businesses into several markets.
Vivendi has agreed to subscribe to a reserved capital increase for €159m at a price of €54 a share, representing Fnac's closing share price on 8 April.
Following completion of the capital increase transaction, Vivendi will own approximately 15% of Fnac's share capital and voting rights.
The two firms intend to develop co-operation that creates long-term value and is focused on several key areas such as secure enhanced visibility of cultural content, which could include distribution partnerships; increased co-operation in live events, an area in which Vivendi has forged several initiatives, and of ticketing in certain countries by teaming with Vivendi Ticketing.
This move will also extend digital services for customers of the two groups and accelerate Fnac's international development, in particular in southern Europe and Africa, where Vivendi has been operating for more than 20 years.
The completion of the reserved capital increase is subject to the approval of Group Fnac's shareholders at their next shareholders' meeting.
As part of this investment, Fnac has agreed to propose the appointment of two directors to represent Vivendi on its board of directors.
Groupe Fnac is a retailer of entertainment and leisure products, and consumer electronics.
In addition to France, it is a key company in Spain, Portugal, Brazil, Belgium, Switzerland, Morocco, Qatar and the Ivory Coast.