Vivendi closes Universal 10% stake sale to Tencent consortium

FILE PHOTO: A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, November 21, 2019. REUTERS/Gonzalo Fuentes

PARIS (Reuters) – Vivendi (VIV.PA) has closed the sale of a 10% stake in Universal Music Group (UMG) to a Tencent-led consortium in a deal giving UMG an enterprise value of 30 billion euros ($33 billion), the French media conglomerate said on Tuesday.

Vivendi said it would now examine the possible sale of additional minority interests in UMG, with an initial public offering of those assets planned for early 2023.

Vivendi said it plans to use the proceeds from these transactions for substantial share buyback operations and acquisitions.

Reporting by Sudip Kar-Gupta; editing by Jason Neely

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