Technology giant Tencent reportedly talks to parties who want to take an interest in Universal Music Group together with the Chinese. Sources of the negotiations reported this. Hillhouse Capital and the Singaporean state fund GIC, among others, were allegedly approached by Tencent. The deal should be completed within a few months.
Universal Music is the largest music company in the world and part of the Vivendi conglomerate. Earlier there were reports that Tencent wants to take a 10 percent stake, with the option to double that within a year. The deal gives all of Universal Music a value of 30 billion euros.
Vivendi and Tencent announced earlier that they are also investigating further cooperation. The French company is particularly interested in access to new markets and growth opportunities through digitization. Vivendi already announced last year that when selling a Universal stake, preference would be given to investors who could also be a strategic partner.