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23 September 2021 / deal

Listing and distribution of Universal Music Group

Loyens & Loeff advised Vivendi on the listing and distribution of Universal Music Group N.V. (UMG). The shares in UMG started trading on Euronext Amsterdam on 21 September, following which Vivendi distributed 60% of the shares in UMG to its shareholders on 23 September.

To prepare UMG for its listing, Vivendi first obtained a third-party valuation for UMG of EUR 35 billion to better serve the interests of its shareholders. For that Loyens & Loeff previously advised Vivendi on the sale of 20% in UMG to a Tencent-led consortium and the sale of 10% in UMG to Pershing Square Holdings, managed by William Ackman.

The Loyens & Loeff team consisted of Michel van Agt, Wouter Kros, Bastiaan Cornelisse, Martijn Schoonewille, Rik Walschot, Dynah Dettingmeyer, Stijn Werdmölder, Jeannette van Rees (Corporate / Capital Markets), Maureen te Poel (Employment), Marcel Buur, Gerjan van Eijk and Sandrine Lekkerkerker (Tax).

Michel van Agt: “The project has been a great journey. It started with the sale of minority interests and resulted in the largest IPO at Euronext Amsterdam in years. It’s been a fantastic team effort by counsels and Vivendi.”

If you are looking for assistance with similar transactions, get in touch with our Capital Markets team headed by Michel van Agt and Martijn Schoonewille.

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