Vivendi completes SFR sale to Numericable

French media firm Vivdendi has closed its €13.37 billion sale of telco SFR to cable operator Numericable.

As previously announced, Vivendi will keep a  20% stake in the new combined entity, which it will be free to sell after a one year lock-up period.

Numericable will use €200 million of the purchase price to finance its acquisition of Virgin Mobile France.

The closing of the deal comes two weeks after French economy minister Emmanuel Macron gave the green light to Numericable’s acquisition of SFR. The move was necessary thanks to a decree signed by his predecessor, Arnaud Montebourg, in May that made foreign investments in certain strategic industries subject to government approval.