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Saturday, December 19, 2020

TENCENT BUYS ANOTHER 10% OF UMG

Tencent Holdings has exercised its call option to acquire an additional 10% equity stake in Universal Music Group. The sale price will again be based on UMG's valuation at €30b.

The consortium of buyers comprises the same members as that for the initial 10% investment in UMG, including Tencent Music Entertainment Group and other financial co-investors. The transaction is expected to close in the first half of 2021, subject to regulatory approvals.

Tencent’s initial deal to acquire 10% of UMG from Vivendi closed in March.

The cash generated by these transactions may be used by Vivendi to reduce its financial debt and finance share buybacks and acquisitions.

TAGS: Tencent | Universal Music Group
UMG-TENCENT DEAL CLOSES; MORE SALES AHEAD?
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