Media giant Vivendi has sold the remainder of its financial interest in publisher Activision Blizzard.
Its 5.7 per cent stake was sold for $1.1bn, with the decision likely made as Activision Blizzard’s share price has nearly doubled in the last year. The shares were sold to an un-named third party.
Bloomberg reports that Vivendi at the same time recovered a $400m deposit from a hedge placed on the shares.
Activision became independent from its former master in in 2013 following an $8.2bn MBO. Vivendi then sold half of its remaining stake in 2014, with eligibility to sell off the remainder of its interest delayed until 2015.
Late last year the company invested in both Gameloft and Ubisoft. The latter later said the move was unsolicited and unwelcome”. That didn’t stop Vivendi increasing its stake the following day, however.