May 21, 2014 / 10:40 PM / in 4 years

Vivendi to sell 41.5 million Activision shares

(Reuters) - Activision Blizzard Inc (ATVI.O) said Vivendi S.A. (VIV.PA) will sell 41.5 million of the videogames publisher’s shares, as part of a planned stake sale announced by the French conglomerate last July.

The offering is expected to close on May 28 and Activision will not receive any of the proceeds, the company said on Wednesday.

Vivendi said last July that after divestment of over 85 percent of its stake in Activision for $8.2 billion, it will retain a 12 percent stake, or 83 million shares, which will be subject to a staggered 15-month lock-up.

The next window for share sale by Vivendi opens in 2015.

The sales will make Activision, the world’s largest videogames publisher, an independent company with the majority of its shares owned by the public.

    Barclays and Credit Suisse are acting as bookrunning managers and underwriters for the offering announced on Wednesday.

    Activision shares fell 1.5 percent in extended trading after closing at $20.87 on the Nasdaq.

    Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila

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