Pershing Sq. indicators deal to purchase 10% of Vivendi’s Common

© Reuters. FILE PHOTO: The brand of Vivendi is pictured on the foremost entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, April 22, 2021. REUTERS/Gonzalo Fuentes/File Photograph PARIS (Reuters) – Vivendi (OTC:), managed by French billionaire Vincent Bollore, stated on Sunday it had signed a deal to promote 10% of Common Music Group (UMG)



© Reuters. FILE PHOTO: The brand of Vivendi is pictured on the foremost entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, April 22, 2021. REUTERS/Gonzalo Fuentes/File Photograph

PARIS (Reuters) – Vivendi (OTC:), managed by French billionaire Vincent Bollore, stated on Sunday it had signed a deal to promote 10% of Common Music Group (UMG) to Pershing Sq. Tontine Holdings.

“After the 20% fairness stake acquired by the Consortium led by the Tencent group, the arrival of main American buyers gives additional proof of UMG’s international success and attractiveness,” Vivendi stated in an announcement.

“As introduced, the transaction is predicated on an enterprise worth of 35 billion euros for 100% of UMG’s share capital.”

Vivendi is planning to money in on its UMG crown jewel, the world’s largest music label with artists resembling Taylor Swift, by spinning off the entity to current shareholders.

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