French sovereign wealth fund buys Technicolor stake
PARIS, April 29
PARIS, April 29 (Reuters) - France's FSI sovereign-wealth fund said it had bought a stake in Technicolor to support the digital video specialist's plan to cut debt and boost cash flow by 2015.
The FSI fund gave no financial details, but said in a statement on Monday that it and state bank Caisse des Depots together now held 7.5 percent of Technicolor's share capital.
Caisse des Depots owned 6.3 percent of Technicolor as of March 20, implying the FSI has purchased a 1.2 percent stake.
Technicolor is in the midst of a strategic plan to cut its 1 billion-euro ($1.31 billion) debt pile and boost earnings by investing in new products including consumer media-sharing applications and digital ad services.
Technicolor has a market cap of $1.4 billion and its biggest shareholder is San Francisco-based Vector Capital with a 20 percent stake. ($1 = 0.7634 euros) (Reporting by Lionel Laurent; Editing by David Gregorio)