MUMBAI: RTL Group and Canal+ Group, a subsidiary of Vivendi Universal have concluded an agreement concerning the sale of their interests in sports rights firm Sportfive to Advent International.

The sale is subject to the confirmation of financing and to the approval of the European antitrust authorities. Under the terms of the deal Advent International, a private equity fund, and RTL Group will set up a new company that will purchase all the shares of Sportfive held by RTL Group (46.4 per cent) and Canal+ Group (46.4 per cent).

Advent International is expected to hold 75 per cent of the new company and RTL Group the remaining 25 per cent. Canal+ will withdraw from Sportfive entirely.

Jean-Claude Darmon the founder of Sportfive will continue as its chairman and CEO. Negotiations are proceeding with the acquirers to set the level of the stake that Darmon will hold.