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Vivendi: closing of the agreement with Tencent-led consortium regarding UMG and the evolution of its capital
Imprimer
Published on 31 Mar 2020
Paris, March 31, 2020
Vivendi: closing of the agreement with Tencent-led consortium regarding UMG and the evolution of its capital
Vivendi announced today that it has completed the sale of 10% of the share capital of Universal Music Group (UMG) to a Tencent-led consortium, three months after the signing of the agreement on December 31, 2019, based on an enterprise value of 30 billion for 100% of UMGs share capital.
The consortium is led by Tencent (00700.HK) and includes Tencent Music Entertainment (NYSE: TME) and other financial co-investors. The consortium has the option to acquire, on the same valuation basis, an additional amount of up to 10% of UMGs share capital until January 15, 2021.
This transaction is complemented by a separate agreement which enables Tencent Music Entertainment to acquire a minority share capital of UMGs subsidiary housing its Greater China operations.
Vivendi is very happy with the arrival of the Tencent-led consortium. It will enable UMG to further develop in the Asian market.
Now that this very significant strategic operation has been completed, Vivendi will pursue the possible sale of additional minority interests in UMG, assisted by several banks which it has mandated.
An initial public offering is currently planned for early 2023 at the latest.
Vivendi intends to use the proceeds from these different transactions for substantial share buyback operations and acquisitions |