Six investment banks are thrashing out an agreement between Vivendi Universal and a consortium of private equity houses for the €1.75bn ($1.75bn) disposal of Houghton Mifflin, the US publishing business bought by Vivendi for €2.4bn last year.

Credit Suisse First Boston, Schroder Salomon Smith Barney and Clinvest, the investment banking arm of Crédit Lyonnais, are joint advisers to Vivendi Universal while Morgan Stanley, Lehman Brothers and Goldman Sachs are advisers to the consortium of private equity buyers consisting of Blackstone Group, Apax Partners Bain Capital and Thomas H Lee Partners.