Loyens & Loeff advised Vivendi on the sale of an additional 10% stake in Universal Music Group
Loyens & Loeff advised Vivendi on the sale of an additional 10% of the share capital of Universal Music Group (UMG) to a Tencent-led consortium, based on an enterprise value of €30 billion for 100% of UMG’s share capital.

This transaction follows the decision by the Consortium, led by Tencent with the participation of Tencent Music Entertainment (NYSE: TME) and certain global financial investors, to exercise its option to acquire an additional 10% of UMG. As a result, the Tencent-led consortium now owns 20% of UMG.
Universal Music Group is the world’s leading music company, owning and operating businesses engaged in music publishing, recorded music, merchandising and audiovisual content. Vivendi is a worldwide operating French conglomerate owning powerful and complementary assets throughout the media value chain, such as in music (Universal Music Group), movies and series (Canal+ Group), publishing (Editis) and mobile games (Gameloft). Tencent is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps QQ Music, Kugou Music, Kuwo Music and WeSing.
Our legal and tax experts Michel van Agt, Wouter Kros, Jeannette van Rees, Stijn Werdmölder, Bastiaan Cornelisse, Gerco van Eck (Corporate / M&A), Marcel Buur, Gerjan van Eijk, (Tax), Maureen te Poel and Gina Hensen (Employment) advised Vivendi on this transaction.
Michel van Agt
Partner Senior Deputy Civil Law NotaryMichel van Agt, partner, is a member of the Corporate practice group in our Amsterdam office. He is also a member of the Capital Markets team.
T: +31 20 578 52 61 M: +31 6 10 89 85 88 E: michel.van.agt@loyensloeff.comWouter Kros
Senior associate Attorney at lawWouter Kros, attorney at law, is a senior associate in the Corporate/M&A practice group.
T: +31 20 578 51 75 M: +31 6 10 89 63 76 E: wouter.kros@loyensloeff.comStijn Werdmölder
Associate Attorney at lawStijn Werdmölder, attorney at law, is a member of the Corporate / M&A practice group in our Amsterdam office. He mainly focuses on private equity and technology acquisitions. He is also a member of the Brexit team.
T: +31 20 578 55 18 M: +31 6 83 00 94 60 E: stijn.werdmolder@loyensloeff.comBastiaan Cornelisse
Partner Civil law notaryBastiaan Cornelisse, civil law notary, is co-Chairman of the Corporate practice group. He specialises in providing Dutch corporate law advice to national and international clients.
T: +31 10 224 62 84 E: bastiaan.cornelisse@loyensloeff.comGerco van Eck
Partner Civil law notaryGerco van Eck, civil law notary, is a member of the Corporate Law practice group.
T: +31 10 224 64 83 E: gerco.van.eck@loyensloeff.comMarcel Buur
Partner Tax adviserMarcel Buur, tax expert, is co-chair of Loyens & Loeff’s Corporate Tax Services practice and a member of the Port & Logistics Team, the M&A Tax Team and the Tax Opinion Committee.
T: +31 10 224 65 07 E: marcel.buur@loyensloeff.comGerjan van Eijk
Associate Tax adviserGerjan van Eijk, tax adviser, is a member of our Corporate Tax Services group and specializes in Dutch corporation tax and dividend withholding tax.
T: +31 10 224 62 46 M: +31 6 53 42 62 75 E: gerjan.van.eijk@loyensloeff.comMaureen te Poel
Counsel Attorney at lawMaureen te Poel, attorney at law, is a member of the Employment & Benefits practice group. She has over 21 years of experience as a lawyer, of which 8 years in the M&A department. The last 13 years she has been focusing on all-round employment law, with a particular focus on the employment aspects of M&A-deals and restructurings, co-determination procedures, remuneration structures and sector-specific regulations on remuneration.
T: +31 20 578 54 64 E: maureen.te.poel@loyensloeff.comGina Hensen
Associate Attorney at lawGina Hensen, attorney at law, is a member of the Competition & Regulatory practice group.
T: +31 20 578 53 32 M: +31 6 10 89 79 77 E: gina.hensen@loyensloeff.com