Vivendi sells 10% stake in Universal Music to US hedge fund

News Broadband Global 21 JUN 2021
Vivendi sells 10% stake in Universal Music to US hedge fund

Vivendi has signed an agreement with special purpose acquisition company PSTH, owned by US hedge fund investor Bill Ackman, for the sale of a 10 percent stake in Universal Music Group (UMG). The media group, which announced that it was in talks with PSTH earlier this month, has confirmed that the deal values UMG at EUR 35 billion. The closing of this transaction will take place by 15 September.

Meanwhile, the proposed spin-out of UMG, first unveiled in February, is progressing as planned. Under this project, UMG will soon become an independent company through a public listing on the Euronext exchange, expected towards the end of September.

Categories:

Internet

Companies:

Universal Music,  Vivendi

Regions:

Global

Countries:

United States

Tags:

Wireline, Wireless, Digital Music, M&A buyouts & divestments

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