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A consortium led by Chinese internet titan Tencent Holdings has agreed to pay EUR30 billion (USD33.6 billion) for a 10 percent stake in Vivendi’s Universal Music Group.
The consortium was joined by Tencent Music Entertainment Group and unidentified “global financial investors,” Shenzhen-based Tencent said in a statement today. The deal is expected to be completed by the end of the first half of next year.
Until Jan. 15, 2021, the consortium also has the option to acquire up to an additional 10 percent in Universal Music for the same price as the initial deal, Tencent said.
Tencent Music and Universal Music also intend to pen a second agreement that grants TME the option to acquire a minority stake in UMG’s Greater China business, the statement added.
Source: yicaiglobal.com
