French media group Vivendi SA has struck agreements to sell its 27.27% stake in "Assassin's Creed" developer Ubisoft Entertainment SA for a total value of €2 billion.

Vivendi, which owns 30,489,300 shares in Ubisoft, is selling 19,868,088 of the shares to institutional investors at €66 per share in a private placement via an accelerated bookbuilding process. The number of shares, which initially totaled 18,368,088, was increased by 1,500,000 following "strong demand" from buyers, according to a news release.

Another 3,030,303 shares were sold for cash to Guillemot Brothers SE, an entity controlled by the Guillemot family that founded Ubisoft. Vivendi will sell the remaining 7,590,909 shares after six months to Ubisoft as part of forward sale commitments, allowing the latter to buy back and cancel the shares.

The private placement and the sale to Guillemot Brothers are expected to be completed March 23. Post-deal completion, Vivendi will no longer own any Ubisoft shares and has agreed not to acquire holdings in the company over five years.

Vivendi has spent €794 million in recent years to build its stake in Ubisoft, as the media conglomerate returned to the video gaming industry after selling a majority stake in U.S.-based Activision Blizzard Inc. It earlier acquired GameLoft SE, another gaming developer, in 2016.