Tencent Group Buys Further 10% of Vivendi’s Universal Music
- Vivendi plans to sell additional minority stakes in UMG
- Deal values world’s biggest music company at $30 billion euros
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A Tencent Holdings Ltd.-led consortium will acquire an additional 10% of Universal Music Group, in a deal that values the world’s biggest music company at 30 billion euros ($36.8 billion).
The purchase will bring Tencent’s holding in the music group to 20% following a deal last year for a stake at the same valuation. UMG’s connection to the Chinese internet giant will help boost its expansion in Asia, and Tencent will also take a minority holding in UMG’s Chinese subsidiary, the label’s parent company, Vivendi SA, said in a statement on Friday.