Vivendi Universal Sells Havas Advertising Stake

Vivendi Universal, Europe’s largest advertising company, said it sold its 9.9% stake in Havas Advertising to institutional investors for 453 million euros ($384 million).

The company said the sale would generate a one-time profit of 113 million euros.

Vivendi Universal sold its stake in the No. 5 advertising company to help fund its $2.2-billion acquisition of Houghton Mifflin Co.