Tencent-led Consortium To Acquire Equity Stake In Universal Music Group

(RTTNews) - A Tencent-led Consortium, consisting Tencent Music Entertainment Group (TME) and certain global financial investors, has agreed to acquire a 10 percent equity stake in Universal Music Group from Vivendi (VIV.L, VIVEF.PK), at an enterprise value of 30 billion euros. The Consortium has the option to acquire up to an additional 10 percent equity stake in UMG, before January 15, 2021.

Prior to the closing of the deal, Tencent Music and UMG intend to enter into a separate agreement that grants Tencent Music an option to acquire a minority equity stake in UMG's Greater China business.