PARIS, June 20 (Reuters) - Vivendi, controlled by French billionaire Vincent Bollore, said on Sunday it had signed a deal to sell 10% of Universal Music Group (UMG) to Pershing Square Tontine Holdings.
“After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a statement.
“As announced, the transaction is based on an enterprise value of 35 billion euros for 100% of UMG’s share capital.”
Vivendi is planning to cash in on its UMG crown jewel, the world’s biggest music label with artists such as Taylor Swift, by spinning off the entity to existing shareholders. (Reporting by John Irish; Editing by Edmund Blair)