Vivendi Universal said Wednesday that it had entered into an agreement to sell 28 million warrants of USA Interactive to an undisclosed financial institution. The terms include 21 million shares with
a $27.50/share exercise price and 7 million with a $32.50/share exercise price. The transaction is expected to close in 3 business days and would result in Vivendi Universal receiving approximately
$240 million in cash. Vivendi Universal has also granted to the purchaser an option to buy 4.19 million additional warrants (3.19 million with a $27.50/share exercise price and 1 million with a
$32.50/share exercise price) on the same terms and conditions.
