China’s Tencent Buys Further 10% Of Universal Music Group
A consortium led by China’s Tencent has exercised an option to purchase a further 10% of Vivendi’s Universal Music Group. The deal values the company at €30BN.
Closing and payment will take place during the first semester of 2021, subject to regulatory approvals.
The consortium previously bought 10% of UMG in March this year, with that deal containing a provision for a further 10%.
Vivendi said the deal would allow it to further develop activities in Asia. It added that it was pursuing a plan to sell additional minority interests in UMG, while a listing in planned in 2022. The company will use the cash generated to reduce its debt and to finance share buybacks and acquisitions.
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