Deals
Vivendi Sells Its 13% Beats Stake to Apple for $404 Million
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Vivendi SA sold its stake in Beats Electronics LLC to Apple Inc. for $404 million as part of the iPhone maker’s takeover of the headphone company.
The stake was about 13 percent, Paris-based Vivendi said today, and was held by the company’s Universal Music Group, the world’s largest record label. The investment almost doubled in value from an estimate of $214 million in September, said Conor O’Shea, an analyst at Kepler Cheuvreux in Paris.