Takeover of SFR: Bouygues draws heavy artillery with a new offer of 15 billion euros

by bold-lichterman

Vivendi will own 10% of the new group in the event of a merger.

Martin Bouygues does not want to let go, at all costs. After putting on the table a new offer of 13.15 billion euros for the buyout of the operator in the red square, or 1.85 billion more than the initial amount – to bid against Numericable which entered into negotiations exclusive with Vivendi (the parent company, editor’s note) – and one week after offering 500 million euros in compensation in the event of failure of negotiations “if the regulatory authorities refused to approve the merger agreement or if Bouygues withdraws his request for authorization given the remedies required ”, his group came back with a new proposal.

This time, Bouygues has decided to take out the heavy artillery by raising its offer to $ 15 billion – or 1.85 billion than its last offer, and 3.7 billion more than the first 11.3 billion proposed. To achieve this, it brought together a panel of new investors including Axa, the Caisse des Dépôts et Consignations, the Dassault and Pinault families (GIMD), JC Decaux, the Singaporean sovereign fund GIC, the Ontario Teachers’ Pension Plan Board.

“This offer thus values ​​SFR for Vivendi at 16 billion euros before synergies and
16.5 billion euros by including the 5 billion euros of secured synergies thanks to the savings resulting from the sale of the network to Free “specifies Bouygues which also recalls that if the transaction were to be carried out, Vivendi would then hold 10% of the capital of the new structure. Estimating at 10 billion euros the possible synergies between the two operators, Bouygues, which would hold 51%, specifies that the listing of the whole would take place as soon as the merger is completed.