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EU: Vivendi and Tencent sign deal

By  |  January 1, 2020

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.  

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    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.

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