PARIS (Reuters) - Vivendi (VIV.PA) said on Friday that it would enter exclusive talks to sell its SFR telecom unit to Altice ATCE.AS, the parent company of French cable group Numericable NUME.PA.
The talks will last three weeks, and the board of Vivendi will meet again at their conclusion to decide on the future of SFR, France's second-biggest telecom operator.
"The board considers their (Numericable's) offer to be the most pertinent for the group's shareholders and employees, and carries lower execution risk," the company said in a statement.
Vivendi confirmed that the Numericable offer included 11.75 billion euros ($16.36 billion) in cash and a 32 percent share in the combined listed entity.
"It also provides Vivendi with pre-determined exit conditions," the company said.
Reporting by Leila Abboud; Editing by James Regan