(Reuters) -France’s Vivendi said on Friday it agreed to sell its publishing unit Editis to the International Media Invest (IMI) group, a subsidiary of Czech media invest (CMI) co-founded by billionaire Daniel Kretinsky.
The completion of the transaction for 100% of Editis’ share capital is expected by early October at the latest, the French company added.
Vivendi, which is in the process of acquiring France’s largest publisher Lagardere, had earlier this year agreed to sell Editis- a rival of Lagardere’s Hachette- to satisfy the European Commission’s antitrust concerns.
Kretinsky’s name meanwhile has grown in prominence in the French business community, due to his involvement in a battle for control of French supermarket chain Casino, besides his stakes in Le Monde and TF1.
Vivendi added on Friday the European Commission would have to approve IMI as a “suitable purchaser”, while the buyer will also need clearances in relevant jurisdictions.
(Reporting by Olivier Sorgho, Editing by Louise Heavens)
