Vivendi Said to Raise $427 Million Cutting Activision Stake

Vivendi SA raised $427 million selling a stake in Activision Blizzard Inc., reducing its holding in the world’s largest video-game publisher to 60 percent, people familiar with the sale said.

Vivendi, based in Paris, sold 35 million shares at $12.20 apiece after offering them for as much as $12.30, two people with knowledge of the transaction said, declining to be identified as the process was private. Vivendi did not provide a final price in a statement on its website announcing the sale.