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Pershing Square Commits To Buy Addl 2 9% Of UMG From Vivendi For About $1 15 Bln

Pershing Square Commits To Buy Addl 2 9% Of UMG From Vivendi For About $1 15 Bln
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Ackman s Pershing Square In Talks To Buy 10% In Vivendi s UMG For About $4 Bln

PARIS (dpa-AFX) - Hedge-fund billionaire William Ackman's Pershing Square Tontine Holdings Ltd., confirmed Friday that it is in talks with French media conglomerate Vivendi SA to buy 10 percent

United statesFrance generalMusic groupWilliam ackman pershing square tontine holdings ltdWilliam ackmanPershing square tontine holdings ltdEuronext amsterdamSir lucian graingeForward purchase agreementsPershing square fundsTencent holdings ledஒன்றுபட்டது மாநிலங்களில்பிரான்ஸ் ஜநரல்இசை குழுவில்லியம் அக்கமன்தொடர்கிறது சதுரம் நிதி

Tencent Group buys further 10% of Vivendi s Universal Music

MONEYWEB app instead? In continued bid to diversify from gaming and China. By Giles Turner, BloombergÂ 18 Dec 2020 10:22 Image: Bloomberg A Tencent Holdings-led consortium has decided to exercise its option to acquire an additional 10% of Universal Music Group, in a deal that values the worldâs biggest music company at 30 billion euros ($36.8 billion). The Chinese technology company last year led a group that purchased 10% of UMG from French media company Vivendi SA. That deal valued UMG at 30 billion euros and Tencent and its partners had the option to increase their stake to as much as 20% at the same valuation until Jan. 15, 2021.

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Tencent-led consortium raises stake Universal Music by 10pc

Tencent-led consortium raises stake Universal Music by 10pc
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UMG value $36 8 billion after Tencent Holdings buys further 10% stake

A Tencent Holdings-led consortium will acquire an additional 10 per cent 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 per cent 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. Vivendi will also sell additional minority stakes in UMG ahead of its plans to list the unit by 2022. The company plans to use cash from the deals to reduce debt and to finance share buybacks and acquisitions. UMG’s entry onto the stock market could give the music group more financial clout to compete with rivals such as Warner Music Group and Sony Music Entertainment.

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