(Telecompaper) French conglomerate Bouygues submitted a revised offer to acquire SFR from Vivendi on 4 April, with a EUR 1.85 billion increase in the cash element to EUR 15 billion. Bouygues proposes to offer Vivendi a smaller, 10 percent stake in the merged entity, which is expected to be worth EUR 1 billion before synergies and EUR 2 billion including them. As declared previously, Bouygues is offering a EUR 500 million earn-out clause, which could bring the total value of SFR to EUR 16.5 billion before synergies. Bouygues also said it would invest EUR 850 million in Bouygues Telecom-SFR, in addition to the contribution of its equity interest. Under the terms of the offer, it will hold 51 percent of the merged company at closing, with 10 percent for Vivendi and 39 percent for industrial and financial partners. An IPO of the new entity would take place right after the merger's completion. Furthermore, Bouygues confirmed that the financing for the operation is fully secured and that the final, definitive loan documents have been signed.