Jean-Rene Fourtou, chairman of French media and telecoms conglomerate Vivendi, has said his company will consider listing mobile operator SFR.
Speaking at the annual meeting of shareholders he reportedly said, however, that an IPO would not take place…
Jean-Rene Fourtou, chairman of French media and telecoms conglomerate Vivendi, has said his company will consider listing mobile operator SFR.
Speaking at the annual meeting of shareholders he reportedly said, however, that an IPO would not take place in the short term.
SFR needs to be turned around first. The mobile operator has faced increased competition since the launch of competitor Free about a year ago.
Earlier this month it was reported that Jean-Yves Charlier may become the fourth CEO of SFR in just over a year in an attempt to revive the company.
Last year, Vivendi commenced a strategic review of its operations in order to help cut its debt, with Fourtou saying there are “no taboos” on how the company should go about it.
The company launched sales processes for its two other telcos – GVT in Brazil and Maroc Telecom in Morocco – but had so far denied SFR was for sale.
The sale of GVT was abandoned recently after DirecTV withdrew from the bidding process, leaving a PE consortium led by KKR as the only possible acquirer.
Meanwhile, UAE-based Etisalat and Qatar’s Ooredoo both made binding offers for Vivendi’s 53% stake in Maroc Telecom. The conglomerate, which is expected to raise around €5.5bn (US$7.4bn) from the sale, will review the bids in the coming weeks.
Just days ago rumours emerged that the private equity owners of French cableco Numericable were also eyeing a listing for part of the company. Before that, in February, the owners had considered making a cash offer for SFR with the view to a possible future merger, according to reports.