Vivendi Obtains European Commission Approval of Lagardère Acquisition
June 9, 2023
Cleary Gottlieb represented Vivendi in connection with obtaining the European Commission’s approval of its acquisition of sole control over Lagardère.
On June 9, 2023, the European Commission cleared Vivendi’s acquisition of Lagardère, subject to conditions.
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 book publishing at the worldwide level and will continue to build its presence in culture, entertainment, and media sectors.
Vivendi filed this transaction with the European Commission on October 24, 2022.
On November 30, 2022, the European Commission opened an in-depth investigation into the proposed acquisition of Lagardère by Vivendi (i.e., Phase II proceedings). During its Phase II investigation, the European Commission gathered extensive information and feedback from numerous market participants, including authors, editors, and book retailers.
To address the competition concerns raised by the European Commission following its Phase II investigation, Vivendi offered a remedy package consisting in the divestment of Vivendi’s publishing business in France (Editis) and of Vivendi’s celebrity press magazine (Gala). Cleary is also assisting Vivendi with the implementation of these remedies, which were approved by the European Commission in its June 9, 2023 clearance decision.