USA – Tencent Music Entertainment Group (NYSE: TME), the leading online music entertainment platform in China, announced that a consortium led by Tencent Holdings Limited (00700.HK) and participated by the company (through one of its wholly-owned subsidiaries), completed the acquisition of a 10% equity stake in Universal Music Group from Vivendi SE (VIV.PA).
The deal was based on an enterprise value of EUR30 billion for 100% of UMG’s share capital. The consortium has the option to acquire up to an additional 10% equity stake in UMG at an equivalent enterprise valuation until January 15, 2021. TME also has an option to acquire a minority equity stake in UMG’s Greater China business within two years after the closing day of the transaction. Financing banks in the deal included Bank of China, ICBC, Bank of America, HSBC and Morgan Stanley. 31/03/2020
