French media giant Vivendi said Tuesday it would sell 10 percent of its Universal Music Group subsidiary to a consortium led by the Chinese behemoth Tencent for three billion euros.
The agreement, worth around $3.36 billion, is “based on an enterprise value of 30 billion euros for 100 percent of UMG’s share capital” and expected to be finalised by mid 2020, a Vivendi statement said.
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