Vivendi Closes $3.3B Sale Of Universal Music Group Stake To China’s Tencent
Vivendi introduced on Tuesday that it has closed a €3B ($3.3B) deal to promote a 10% stake in Common Music Group to a consortium led by Chinese language know-how big Tencent.
The deal, which was first introduced in December, values Common Music at €30B ($33B). Common operates labels answerable for artists together with The Beatles, Taylor Swift, Billie Eilish and Nirvana.
The settlement additionally offers Tencent and its companions the fitting to extend their stake to as a lot as 20% on the identical valuation till January 15, 2021. The 2 corporations additionally intend to enter right into a second settlement that offers Tencent an choice to accumulate a minority fairness stake in UMG’s Higher China enterprise.
French media conglomerate Vivendi mentioned: “Vivendi could be very pleased with the arrival of the Tencent-led consortium. It should allow UMG to additional develop within the Asian market. Now that this very important strategic operation has been accomplished, Vivendi will pursue the potential sale of extra minority pursuits in UMG, assisted by a number of banks which it has mandated.”
It added that Common Music is ready for an IPO by early 2023 on the newest.
COPYRIGHT_BP: Published on https://bingepost.com/vivendi-closes-3-3b-sale-of-universal-music-group-stake-to-chinas-tencent/80085/ by Hilda Workman on 2020-03-31T10:19:08.000Z