Vivendi Universal has disposed of its remaining 9.9% holding in Havas Advertising, selling it to institutional investors for E453 million ($386.8m).

The deal, said the media mammoth, garnered a capital gain of E113m, with the help of which Vivendi intends to finance its recent US acquisitions, such as publisher Houghton Mifflin ($1.7 billion) and internet music firm ($372m).

The Havas name – one of the oldest in the French media industry and until recently employed in Vivendi’s publishing business – is now used only by Havas Advertising, although Vivendi continues to own the rights to the brand itself.

News source: Wall Street Journal