Vivendi to Sell Minority Interest in Universal Music Group
June 21, 2021
Cleary Gottlieb is representing Vivendi S.E. (Vivendi) in its sale of a 10% interest in Universal Music Group B.V. (UMG) to Pershing Square Tontine Holdings Ltd (Tontine).
The transaction signed on June 20, 2021. The closing of the transaction is subject to, among other things, the approval of Vivendi’s shareholders to distribute 60% of UMG’s share capital and the admission to trading of UMG’s shares on the regulated markets of Euronext Amsterdam.
Vivendi is an integrated content, media, and communications group based in France that is publicly traded on the Euronext. UMG is engaged in recorded music, music publishing, and merchandising. It owns more than 50 labels covering all genres.
Tontine is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.