Vivendi Agrees to Sell 10% Stake in UMG to Tencent

Date : 12/31/2019 @ 8:58AM
Source : Dow Jones News
Stock : Tencent Holding Ltd. (PC) (TCEHY)
Quote : 47.15  -1.78 (-3.64%) @ 4:31PM
Tencent Holding Ltd. (PC) share price Chart

Vivendi Agrees to Sell 10% Stake in UMG to Tencent

Vivendi (EU:VIV)
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   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)

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

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