• by Steve McClellan  @mp_mcclellan, June 7, 2017

The proposed merger of Havas into Paris-based entertainment conglomerate Vivendi has advanced another step. The companies confirmed yesterday that Vivendi has signed a formal agreement to acquire the roughly 60% majority stake Bollore Groupe holds in Havas.

The proposed deal, valued at approximately $2.5 billion, was unveiled in May. It was not unexpected as Bollore Group controls both entities and has pushed for greater cooperation between the two firms for some time.

The signing came after what the parties said was the completion of due diligence as well as the “receipt of positive opinions from the employee representative bodies” of the three companies involved.

The agreement remains subject to the approval of European regulatory bodies.

Vivendi also said it was launching a tender offer for the remaining Havas shares.