Vivendi Universal has agreed to sell its non-US publishing assets to Lagardere for E1.25 billion. The deal, which is subject to regulatory approval, will ensure that respected publications such as the Chambers and Larrousse reference books remain in French hands.
It was initially expected that the US publisher, Houghton Mifflin would be sold with these titles but Vivendi was unable to attract a satisfactory bid hence the decision to sell the European and Latin American assets separately. Bidding for the Boston-based operation is set to recommence next week.
Profits from the latest sale are likely to be directed at reducing Vivendi’s E19 billion debt burden but could also be used in an attempt to gain control of Cegetel. Vivendi is currently considering whether to counter an attempt by Vodafone to buy out the telecoms company’s other shareholders (see Vivendi Seeks New Funds For Cegetel Bid).
