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Vivendi To Buy SFR Stake For €7.95B

Vivendi is purchasing Vodafone Group’s 44% minority stake in French telecom operator, SFR, for €7.95 billion.

Vivendi is purchasing Vodafone Group’s 44% minority stake in French telecom operator, SFR, for €7.95 billion, The Wall Street Journal reports. After the deal, which is expected to be completed by the end of June 2011, Vodafone will get a final dividend from SFR of €200 million.

As per SFR and Vodafone’s agreement, Vodafone will continue to deliver cross-border services to both consumer and enterprise customers across the major markets of Western Europe. Vodafone will return €4.5 billion of the sale proceeds to its shareholders through a share buy-back with the remainder of the proceeds used to reduce its net debt.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from The Associated Press.

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