Shares of Vodafone Group Plc VOD gained after the company announced its plans to sell its 44% stake in SFR to Vivendi SA for about $11 billion.
Vivendi will purchase Vodafone's 44% stake in French mobile operator SFR for 7.95 billion euros ($11 billion). Vivendi already owns a 56% stake in SFR.
"The transaction will create a significant increase in Vivendi's adjusted net income, enabling us to raise the dividend to our shareholders," Jean-Bernard Levy, chairman of Vivendi said. The transaction is likely to be completed by June.
VOD's shares gained 0.86% to $29.33 in pre-market trading.
Read more from Benzinga's Company news.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsM&APre-Market OutlookIntraday UpdateMarketsacquisitionTelecommunication ServicesWireless Telecommunication Services
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in