Vivendi sells stake in Ubisoft Entertainment for approximately €2 billion
Client(s) Credit Agricole CIB
Jones Day advised Crédit Agricole Corporate and Investment Bank (CACIB) in connection with the sale by Vivendi of its stake in Ubisoft Entertainment (Ubisoft) for approximately €2 billion. In the context of this sale, Ubisoft agreed to buy back up to 9,090,909 of its own shares from Vivendi through a structured transaction taking the form of a forward sale of Vivendi shares to CACIB and a forward buy-back mechanism of shares from CACIB by Ubisoft. This buy-back will be structured through a pre-paid forward agreement on part of the shares and an equity swap for the remaining shares, entered into between CACIB and Ubisoft. CACIB and Guillemot Brothers SE have also entered into derivative instruments enabling Guillemot Brothers SE, inter alia, to finance the acquisition of 3,030,303 Ubisoft shares from Vivendi.
Jones Day also advised CACIB in connection with the sale of Ubisoft shares by CACIB through a private placement with accelerated bookbuilding for the purposes of hedging the derivative transactions entered into between CACIB and Guillemot Brothers SE.
Vivendi was advised by Cabinet Bompoint. Ubisoft and Guillemot Brothers SE were advised by Bredin Prat. White & Case advised JP Morgan in connection with the private placement with ABB.