Vivendi moves forward with UMG sale
UMG valued at €30bn as French media giant enters into talks with Chinese tech firm Tencent to sell 10% stake
News By | 6 August 2019
French media conglomerate Vivendi is in talks with Chinese tech group Tencent to sell 10% of its stake in Universal Music Group (UMG). According to Vivendi, the deal would place UMG at a valuation of €30 billion.
Tencent would also have the option of increasing its stake by another 10% in a year, at the same valuation.
Vivendi shares rose 9% in early trading today (Tuesday 6 August), following the announcement of Tencent negotiations and were up 6% to €25.4 at press time.
The French media company…
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