France-based coloss Vivendi is appointing, today (July 25th) “several investment banks” for the sale of up to 50% of its subsidiary Universal Music Group.
The news, reported by Reuters citing a source close to the matter, follows Vivendi’s assertion last month that it is “very confident” the UMG sale process will be ignited by the end of the year. When Vivendi initially announced plans to sell off up to half of UMG last July, it suggested that it could possibly complete the UMG process by the end of January 2020.
Speaking to Bloomberg news, last month, Vivendi Chairman Yannick Bolloré said of the UMG sale:
We are not in a hurry. Vivendi is doing very well, UMG is doing very well. The question is how to find the right partner, up to 50%. But everything’s fine – trust me!.
During the interview with Bloomberg journalist Caroline Hyde, Bolloré also clarified that Vivendi was looking to find a “strategic or financial partner, [for] up to 50%, to accelerate the growth of UMG”.
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