Vivendi Agrees to Sell 10% Stake in UMG to Tencent
December 31 2019 - 3:58AM
Dow Jones News
By Mauro Orru
Vivendi SA (VIV.FR) said Tuesday that it has signed an agreement
to sell a 10% stake in its subsidiary Universal Music Group to a
consortium led by Chinese internet-based conglomerate Tencent
Holdings Ltd. (0700.HK).
The French media company said the deal was based on an
enterprise value of 30 billion euros ($33.59 billion) for 100% of
UMG's share capital and the transaction is expected to close by the
end of the first half of 2020.
Vivendi said the Tencent-led consortium, which includes Tencent
Music Entertainment as well as other "global financial investors,"
has the option to acquire an extra 10% of UMG's share capital
before Jan. 15, 2021.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
December 31, 2019 03:43 ET (08:43 GMT)
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