Vivendi, Tencent Enter Talks for 10% Stake in UMG

Date : 08/06/2019 @ 6:40AM
Source : Dow Jones News
Stock : Tencent Holdings Ltd (PK) (TCEHY)
Quote : 53.2  0.0 (0.00%) @ 11:44AM
Tencent (PK) share price Chart

Vivendi, Tencent Enter Talks for 10% Stake in UMG

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   By Anthony Shevlin 

Vivendi SA (VIV.FR) said Tuesday that it entered into preliminary negotiations with Tencent Holdings Ltd. (0700.HK) for a strategic investment in Universal Music Group.

The French media company said the investment amounts to 10% of the share capital of UMG.

Vivendi said UMG has a preliminary equity valuation of 30 billion euros ($33.50 billion) on a fully-diluted basis.

Furthermore, Tencent would have a one-year call option to acquire an additional 10% stake at the same price and terms.

"Vivendi is keen to explore enhanced cooperation which could help UMG capture growth opportunities offered by the digitalization and the opening of new markets," the company said, adding that it targets value creation for both itself and Tencent via the partnership.

The transaction is subject to due diligence and Vivendi plans to continue the process for the sale of an additional minority stake in UMG to other potential partners.


Write to Anthony Shevlin at; @anthony_shevlin


(END) Dow Jones Newswires

August 06, 2019 02:25 ET (06:25 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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