Tencent acquires U-Live stake with UMG buy-in
Vivendi has finalised its sale of 10% of Universal Music Group to a consortium led by China's Tencent, which has an option to buy a further stake in the next 12 months
News By IQ | 1 January 2020
Vivendi and a consortium led by Tencent, the Chinese tech and entertainment giant, have finalised the consortium’s acquisition of a 10% stake in Universal Music Group (UMG), concluding talks than began last summer.
The acquisition values UMG at €30 billion, with members of the consortium including Tencent Holdings Ltd, Tencent Music (often referred to as ‘China’s Spotify’) and “certain global financial investors”, according to a joint statement.
The consortium has the option to purchase an additional up-to-10% stake in UMG…
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