Dade Hayes Finance EditorFrance-based Vivendi plans to have an initial public offering for Universal Music Group in 2022.The news came as the company reported financial results for the third quarter, with UMG posting a 3% uptick in revenue to €1.855 billion, or about $2.2 billion.Taking Universal Music public will follow what Vivendi described as “the first phase of the opening of UMG’s share capital,” which was completed earlier this year.
On March 31, UMG finalized the sale of 10% of its share capital to a Tencent-led consortium. Those investors have the option to acquire, on the same valuation basis, up to an additional 10% of the share capital of UMG until January 15, 2021.
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