French media conglomerate Vivendi announced on Tuesday that it signed an agreement to sell a stake of its wholly owned Universal Music Group, the world’s largest music company, to a consortium led by Chinese tech company Tencent Holdings.
The long-discussed arrangementprovides for the sale of 10% of UMG — based on a €30 billion ($33.6 billion) valuation — to Tencent, with additional participation by Tencent Music Entertainment and other “certain global financial investors,” the companies said in a joint disclosure.
Given UMG’s established valuation, the deal means Vivendi should pocket roughly $3.3 billion for the stake sale, following regulatory approvals and other closing conditions. The companies said the transaction should be wrapped up by the end of the first half of 2020.
Full Content: Billboard
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI