Vivendi continues slash-backs
Music Industry News - as it happens
Source: MusicDish/Mi2N - November 1, 2002
Yet another Vivendi Universal publishing business is about to go.
Vivendi has started "exclusive negotiations" with a consortium formed by
Thomas H. Lee Partners, Blackstone Group, Bain Capital and Apax Partners
with a view to disposing of Vivendi's Houghton Mifflin.
"The sale is expected to go ahead on the basis of an enterprise value of
Euro 1.75 billion, representing 1.4 times Houghton Mifflin's 2001 revenue
and 9.5 times its 2001 EBITDA after bookplate amortization," says Vivendi."
It goes on the list of Vivendi operations (excluding its games businesses)
which have been completed, or are still under way, since January 1, 2002 and
which amount to an enterprise value of Euro 4.3 billion (professional press,
Comareg, Groupe L'Express-L'Expansion, Houghton Mifflin and the publishing
businesses in Europe and Latin America).
Vivendi Universal says it's, "targeting disposals of Euro 12-billion-worth
of assets over 18 months (excluding Cegetel and Vivendi Environnement),
under satisfactory conditions for shareholders despite difficult markets."
The company adds that this gives it an advance of over one quarter on its
initial schedule, which planned for asset sales worth Euro 5 billion by
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