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Tencent Valuation Of Its Stake To Surge When Universal Music Group Floats Next Week

John Wanguba by John Wanguba
September 14, 2021
in FX Industry
Reading Time: 3min read
Tencent Valuation Of Its Stake To Surge When Universal Music Group Floats Next Week

The biggest of the Big Three music companies, Universal Music Group, is getting spun out of the French media conglomerate Vivendi. Chinese conglomerate Tencent Holdings is expected to see a massive uplift in the value of its 20% stake when Universal Music Group floats on September 21, 2021.

Universal Music Group is getting spun out of French media giant Vivendi and is planned for a stock market valuation of more than €33bn when trading starts on Euronext’s Amsterdam stock exchange in the coming week. One technical reference point is anticipated to be set on Monday, September 20, with analysts at Morgan Stanley suggesting that the firm is now worth about US$49bn.

Vivendi is expected to distribute 60% of the company shares to the shareholders. Special purpose acquisition company (SPAC) Pershing Square Tontine Holdings owns a 10% stake in Universal. It paid nearly US$4bn for its stake in the company, which suggests that a stock market valuation of  US$41bn for Vivendi is possible. China’s Tencent has a 20% stake for which it reportedly paid nearly $6 billion.

For now, Universal lists Lady Gaga, Taylor Swift, the Rolling Stones, Ariana Grande, and Justin Bieber among its artists. It bought EMI in 2012 that once boasted of being the biggest record company globally. Thus, it also controls the back catalog of Bob Dylan and The Beatles.

The group said in August that it anticipates more revenue growth in 2021, pushed by the boom in streaming revenues, and suggested that it would become a dividend-paying stock when its shares are eventually listed.

Vivendi said:

“The board will be comprised primarily of non-executive members, a majority of whom will be independent.”

Neither Vivendi nor Group Bolloré that owns 27% of Vivendi’s share capital will have any representation on the board.

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Tags: Morgan StanleySoftwaretech newsTencent HoldingsVivendi

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