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(Telecompaper) Vivendi has agreed to sell 10 percent of its Universal Music Group (UMG) subsidiary to a consortium led by Chinese group Tencent, in a deal valuing the whole of UMG at EUR 30 billion. Tencent and Vivendi entered talks on the sale in August, just over a year after the plan for a stake disposal was first unveiled. The consortium, which includes Tencent, Tencent Music Entertainment and a number of financial investors, has also negotiated the option to acquire an additional 10 percent stake in UMG by 15 January 2021, at the same price and terms.

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