Altice, through its subsidiary Altice France, and Numericable-SFR have made an official offer to Vivendi to acquire the 20% stake it owns in Numericable-SFR for Ä40 a share.

According to Altice, Numericable-SFR will acquire half of Vivendiís stake through a share buyback programme. This will be submitted to a vote at a general assembly of Numericable-SFR shareholders.

At the same time, Altice France will acquire the remaining half of Vivendiís stake, with the payment being made no later than April 7 next year and subject to an annual interest of 3.8%.

Altice Franceís payment, amounting to around Ä1.948 billion plus 3.8% annual interest, has been secured by a bank guarantee.

Both the Numericable-SFR and Altice purchases will close in the days following the Numericable-SFR general assembly meeting. This is due to take place no later than April 30 this year.

Altice says that the transaction in subject to the approval of Vivendiís supervisory board.

It would lead to adjustments in previous agreements, put an end to the existing shareholder agreement between Altice and Vivendi, along with several financial arrangements between the parties