French telecom major, Vivendi, is likely to pick up 26% stake in Reliance Communications (RComm) for Rs 16,000 crore. Vivendi has operations in France, Morocco and Brazil. The deal is likely to be announced in the next four to six weeks, said a source close to the development.
For RComm, 26% stake sale will lead to ebitda dilution to the extent of 15-18%. RComm has a debt of about Rs 33,000 crore post the payment of 3G licences.