2/13, 12:47 PM (Source: TeleTrader)
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Vivendi planning to take UMG public in 2021

Vivendi is planning to take 60% of Universal Music Group's (UMG) shares public by the end of 2021, the company announced on Saturday. The move would create the world's largest music company which would be valued at a minimum of €30 billion.

The French company noted that the decision comes after a Tencent-led consortium purchased an additional 10% of UMG, increasing its stake in the music company to 20%. Vivendi also noted that shareholders would get UMG shares after an “exceptional distribution.” Thereafter, the UMG shares would be listed at the Euronext NV in Amsterdam. Vivendi shareholders will vote on the UMG divestment at a meeting on March 29.

In early 2020, Vivendi said it wanted to take UMG public by 2023.

Breaking the News / VP