Sale of Universal Music Group stake to Tencent consortium closed

Deal gives Universal an enterprise value of $33 billion

PARIS (Reuters) - Vivendi has closed the sale of a 10% stake in Universal Music Group (UMG) to a Tencent-led consortium in a deal giving UMG an enterprise value of 30 billion euros ($33 billion), the French media conglomerate said on Tuesday.

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Vivendi said it would now examine the possible sale of additional minority interests in UMG, with an initial public offering of those assets planned for early 2023.

Vivendi said it plans to use the proceeds from these transactions for substantial share buyback operations and acquisitions.

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($1 = 0.9093 euros)

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)