Vivendi: completes sale of 10% of UMG's capital
(CercleFinance.com) - On Tuesday morning Vivendi announced that it had finalised the sale of 10% of the capital of Universal Music Group (UMG) to a consortium led by Tencent.
This sale has been completed based on an enterprise value of 30 billion euros for 100% of UMG's capital.
The consortium, led by Tencent, has the option of acquiring, based on the same valuation, up to an additional 10% of UMG's capital until 15 January 2021.
This deal is supplemented by a separate agreement which enables Tencent Music Entertainment to acquire a minority stake in the capital of the UMG subsidiary, which amalgamates its Chinese businesses.
Vivendi said, "Now that this very significant strategic operation has been completed, Vivendi will pursue the possible sale of additional minority interests in UMG, assisted by several banks which it has mandated."
An IPO is currently planned for early 2023 at the latest.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
This sale has been completed based on an enterprise value of 30 billion euros for 100% of UMG's capital.
The consortium, led by Tencent, has the option of acquiring, based on the same valuation, up to an additional 10% of UMG's capital until 15 January 2021.
This deal is supplemented by a separate agreement which enables Tencent Music Entertainment to acquire a minority stake in the capital of the UMG subsidiary, which amalgamates its Chinese businesses.
Vivendi said, "Now that this very significant strategic operation has been completed, Vivendi will pursue the possible sale of additional minority interests in UMG, assisted by several banks which it has mandated."
An IPO is currently planned for early 2023 at the latest.
Copyright (c) 2020 CercleFinance.com. All rights reserved.