Chinese coloss Tencent made an offer to buy 10% of UMG for €3bn. If the deal is finalized, Tencent would also have a one-year call option to acquire an additional 10% of UMG at the same price and terms.
In a statement, Vivendi stated: “Vivendi and Tencent are also concurrently considering areas of strategic commercial cooperation. In this context, Vivendi is keen to explore enhanced cooperation which could help UMG capture growth opportunities offered by the digitalization and the opening of new markets. Together with Tencent, Vivendi hopes to improve the promotion of UMG’s artists, with whom UMG has created the greatest catalogue of recordings and songs ever, as well as identify and promote new talents in new markets. Vivendi hopes that this new strategic partnership could create value for both Tencent and UMG”.
The transaction is subject to due diligence on UMG and finalization of legal documentation. In addition to these discussions, Vivendi also plans to continue the process for the sale of an additional minority stake in UMG to other potential partners.
Vivendi last month announced that it had appointed investment banks to assist with the sale of up to 50% of UMG to one or more strategic partners.
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