Vivendi: agreement signed to sell 10% of UMG
(CercleFinance.com) - Vivendi has announced signing an agreement with Pershing Square Tontine Holdings (PSTH), for the sale of 10% of Universal Music Group (UMG), at a price based on an enterprise value of 35 billion euros for 100% of UMG.
This deal's completion, which depends on the non-exercise of withdrawal rights by PSTH shareholders, and on US regulatory processes, should take place in the next few weeks, and no later than on 15 September.
Vivendi points out that during its general meeting on 22 June, its management board will propose the distribution of 60% of UMG to Vivendi shareholders and the company's listing on Euronext Amsterdam in the last ten days of September.
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