12/31/2019, 10:22 AM (Source: TeleTrader)
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Tencent buys 10% stake in UMG

Tencent Holdings Limited announced on Tuesday that a consortium led by it officially sealed an agreement with Vivendi S.A. on acquiring a 10% stake in Universal Music Group (UMG) from the French media conglomerate.

UMG's total value is estimated to be $30 billion. Tencent Music Entertainment Group is one of the members of the consortium. According to Tencent's press release, the consortium will hold an option to buy another 10% stake by January 15, 2021.

The transaction, which was reportedly discussed in August, is expected to be finalized during the first six months of 2020.

Baha Breaking the News (BBN) / MS