French media conglomerate Vivendi announced this morning its plans to sell half of its stake in video game publisher Activision Blizzard. This latest sale of holdings in the company will likely be used to pay down debts and focus its business on its music and media properties. Last month the company agreed to sell its SFR mobile phone unit in France to Altice and a controlling stake in African telecommunications company Maroc Telecom to Etisalat last year.
Vivendi said Thursday that it would sell around 41.5 million shares of Activision Blizzard, representing about 5.8 percent of the video game maker’s shares. Based on Wednesday’s closing price, that stake is worth an estimated $866 million.
After selling those shares, Vivendi will own around 41.5 million shares in Activision Blizzard. Vivendi said it intends to sell the rest of its holdings at a later date.
The stock deal is expected to close by May 28.