Vivendi has finalized its deal to sell 10% of Universal Music Group to a group led by Chinese conglom Tencent for $3.6 billion.

Talks have begun regarding the sale of “an additional minority share for a price which would at least be identical.” The consortium has a deadline of 1/15/21 to buy the other chunk of UMG.

Tencent’s music division will also acquire a minority stake in UMG’s operation in China.

“Vivendi is very happy with the arrival of Tencent and its co-investors,” the two companies said in a joint statement. “They will enable UMG to further develop in the Asian market.

“Tencent and the consortium members are excited to support UMG’s growth through this investment. Together with Vivendi, Tencent and TME will work to broaden the opportunities for artists and to enrich experiences for music fans, further promoting a thriving music and entertainment industry.”

The deal gives UMG an overall value of $34b. Vivendi closed Tuesday at $28.95, a rise of .4%.

Sir Lucian Grainge offered this statement in a companywide memo:

Dear Colleagues,

I wanted to write you directly to highlight today’s announcement from Vivendi of a successful investment in Universal Music Group by a consortium led by Tencent.

[The details] are essentially in line with Vivendi’s prior statements on this matter: the consortium of investors will purchase 10% of the share capital of UMG with UMG’s full enterprise value set at €30 billion. Vivendi also announced that the Tencent-led consortium has the option to acquire up to an additional 10% of UMG’s shares by January 15, 2021, as well as a second agreement that allows Tencent Music Entertainment to acquire a minority of a UMG subsidiary company that includes our operations in Greater China.

With the exception of additional resources to further advance our strategy, everything else will remain the same: our strategic vision; our company, label and business unit names; our locations; and of course, our outstanding people.

This is an exciting development reflecting a strong validation of our business strategy, our incredible team and your excellent work. It also reflects our shared optimism about UMG’s continued role as the driving force in our industry and how focused we are on the future.

I will continue to keep you apprised of any further developments. In the meantime, thank you again for all you do.