The deal comes as Vivendi is still moving forward on plans for an IPO of the music label by late September. 20% of the label, whose signed artists include Rihanna and Lady Gaga, has already been sold to Chinese conglomerate Tencent, and the label has also been valued at $40 billion. “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a statement.SPACs, or “blank check companies,” have made financial headlines this year as former athletes like Colin Kaepernick and Shaquille O’Neal, as well as companies like DraftKings and Redbox, have used them as a new business venture.
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