Cleary Gottlieb represented the French media company Vivendi in connection with the antitrust aspects of its acquisition of French media rival Lagardère.
The transaction was completed on November 21, 2023, following the closing of the two divestments that conditioned the European Commission’s clearance decision of June 9, 2023: the divestment of the publishing group Editis and of celebrity press magazine Gala. Editis was sold to International Media Invest (IMI, a subsidiary of CMI) on November 14, 2023, and Gala was sold to Groupe Figaro on November 21, 2023.
Vivendi can now vote all of its shares of Lagardère acquired as a result of the public offer launched last year (i.e., Vivendi currently holds approximately 60% of Lagardère’s share capital and over 50% of its voting rights).
This transaction is a landmark deal in the French media sector and one of the most high-profile merger matter recently reviewed by the European Commission. As a result of the transaction, Vivendi will become a major player in the book publishing and the media sectors at the worldwide level.