Vivendi has managed to complete its hostile take over of mobile game publisher Gameloft, something which Ubisoft had been trying to prevent. Ubisoft and Gameloft were both founded and owned by the Guillemot brothers.
The news was confirmed by Bloomberg where by Vivendi is apparently in control of approximately 62 percent of Gameloft shares after offering existing share holders above the market value for their stake. On the news it is expected that CEO Michel Guillemot, brother to Ubisoft boss Yves, now intends to resign.
The whole series of events brings Vivendi closer to being able to make a bid for AAA publisher, Ubisoft. After selling Activision to an investment group set up by CEO Bobby Kotick and co-chair Brian Kelly. After being involved with one of the biggest names in the industry, it isn’t entirely clear why the French company wants to buy its way back in.
Prior to the company claiming a majority stake in the mobile publisher, the board of directors released a statement which they probably hoped would prevent the sell off:
The recent sale of Activision by Vivendi illustrates its lack of strategic vision in the long term in the gaming industry. Moreover, the unfavorable trend of revenues and profitability of Activision over the last years during which the group was held by Vivendi illustrates its lack of knowledge of value creation levers in the gaming industry.
It is expected that the board of directors will now see a shuffle with more of Vivendi’s people added to the board later this month.