Vivendi SA revealed on Friday that a consortium led by Tencent Holdings Limited had decided yesterday "to exercise its option to acquire an additional 10% of Universal Music Group based on an enterprise value of €30 billion for 100% of UMG's share capital."
The transaction will go through upon gaining approval from regulators during the first semester of 2021, the French media conglomerate also announced. Under the deal reached on December 31, 2019, the consortium had until January 15, 2021, to decide on whether to exercise the option.
"Together with Vivendi, Tencent and Tencent Music Entertainment will continue to work to broaden artist opportunities and to enrich experiences for music fans, further promoting a thriving music and entertainment industry" and "enable UMG to further develop its activities in Asia," the French company said in the press release.
