Reported by Reuters, Vivendi sold off its remaining 5.7 per cent stake in Ubisoft for €429 million ($486m) million.
In 2018 Vivendi owned approximately 27.3 per cent of the games developer. If this had exceeded the 30 per cent mark then by French law the firm would have been required to make a takeover offer. Ubisoft vocally resisted the idea of an acquisition by the company.
$1.35 billion capital gain
Though Vivendi failed in its attempts to gain a majority sharehold, the firm brought in €2 billion ($2.26bn) from total sales of the stock which equalled to a capital gain of €1.2 billion ($1.35bn).
“Vivendi is no longer a Ubisoft shareholder and maintains its commitment to refrain from purchasing Ubisoft shares for a period of five years,” Vivendi released in a statement.
The firm signed off by adding: “Vivendi, which already owns Gameloft, a global leader in mobile video games, confirms its intention to continue to strengthen its position in the video games sector.”