Vivendi, once the controlling shareholder in video game maker Activision Blizzard Inc., plans to sell about half of its remaining stake in an offering valued at $866 million.
The sale of 41.5 million shares is expected to be completed by May 28, Santa Monica-based Activision said Wednesday.
The sale frees up cash for Vivendi, which has been restructuring and sold most of its Activision stake last year in a deal led by Bobby Kotick, chief executive of the video game publisher. Vivendi has almost 83 million shares, or about 12%, of Activision, the maker of "Call of Duty" and "World of Warcraft," according to data compiled by Bloomberg.
Activision shares fell 1.9% to $20.47 in extended trading, after being halted for the news. The stock rose 0.2% to $20.87 at the close and has gained 17% this year. Paris-based Vivendi, the owner of Universal Music, gained 0.8% and is little changed for the year.