Activision Blizzard’s majority owner Vivendi has sold off a portion of its stock, reducing its stake in the publisher to 60%.
Vivendi didn’t give details of the sale, but Bloomberg reports the French company raised $427 million from the sale of 35 million shares at $12.20 each.
The raised cash will apparently help maintain Vivendi’s credit rating, in the wake of Universal Music division’s acquisition of EMI’s music assets. Vivendi’s majority stake in Activision makes it the safest sell of its stock portfolio.
Activision shares spiked following the release of Modern Warfare 3, having reached record lows earlier in the year.