Vivendi To Acquire Vodafone's Stake In SFR For $11 billion

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.