French mass media company Vivendi SA revealed on Tuesday it finalized the sale of a 10% stake in its subsidiary Universal Music Group (UMG) to Chinese conglomerate Tencent Holdings Ltd. for $33 billion.
The agreement was reached back on December 31, though the total estimated value was increased by an additional $3 billion since then.
Moreover, Vivendi reiterated it plans to offer UMG's stocks on markets by 2023, adding it's also considering the possibility of trading additional minority interests in the American company.
