Clinvest, the investment banking arm of Crédit Lyonnais, is poised to advise Vivendi Universal on the sale of its remaining publishing business Houghton Mifflin, following the sale of the European and Latin American divisions to Lagardère, the French publisher.

The structure of the Vivendi Universal Publishing (VUP) deal, which has an enterprise value of €1.25bn ($1.22bn), is unclear but it will involve Natexis Banque Populaire making the acquisition on behalf of Lagardère, pending clearance from the competition authorities. The investment banking arm of Groupe Banques Populaires would then sell the assets on to Lagardère once clearance had been obtained.