According to Vivendi, the agreement will be finalized by Sept. 15.
Universal operates labels responsible for artists including Ariana Grande, The Beatles, Taylor Swift, Billie Eilish, and Nirvana. Earlier this month, Vivendi confirmed talks to sell the 10% stake in Universal Music Group to Pershing Square Tontine Holdings in a deal that values the music company at €35 billion .
The transaction comes ahead of Vivendi’s plans to list Universal Music Group in Amsterdam, the Netherlands, in late September, when 60% of Universal’s shares will be distributed to Vivendi investors. In a statement Sunday, Vivendi said, “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.”
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